SAAVEDRA-LED Citicore Energy REIT Corp. (CREIT) booked an attributable net income of P334.14 million for the second quarter (Q2), up 5.7% from the previous year’s P316.08 million, mainly driven by additional revenues from new assets acquired in 2023, which were funded by green bonds.
Gross revenues went up by 5.8% to P448 million from P423.53 million a year ago, the company said in a regulatory filing on Monday.
Its gross expenses for the April-to-June period fell by 2.8% to P26.07 million from P26.83 million last year.
From January to June, the company’s attributable net income climbed by 11.7% to P693.41 million versus the P621.04 million a year ago.
“The increase is mainly related to full take-up of incremental revenues from the assets acquired in 2023 which were financed by the green bond issuance,” CREIT said.
Revenues were higher by 15.1% to P920.85 million. Gross profit increased by 16% to P868.71 billion, translating to a gross profit margin of 94%.
“The increase [in gross profit] is related to the company’s expansion of leasing activities arising from various acquisitions of freehold assets out of the green bond’s proceeds, which have a full impact of revenue recognition this year,” the company said.
During the period, CREIT’s gross expenses went up by 2.2% to P52.14 million from nearly P51 million a year ago.
CREIT is the Philippines’ first real estate investment trust listing with a focus on renewable energy. It specializes in owning sustainable infrastructure projects, including income-generating renewable energy properties across the Philippines.
CREIT’s sponsor, Citicore Renewable Energy Corp., has over five gigawatts of project pipeline in varying stages of development, with its first gigawatt well underway. — Sheldeen Joy Talavera
