Earnings growth was bolstered by revenue growth of 31 percent to P1.8 billion.
“The higher income we generated as a renewable energy REIT allows us to continuously increase value to our shareholders by declaring dividends beyond the mandated 90 percent of distributable income,” CREIT president and CEO Oliver Tan said in a statement.
This also allowed CREIT to increase its dividend payout to P0.199 per share — a 7.8 percent yield based on its share price at the end of 2023.
The acquisition of a 28.79-percent interest by SM Investments Corp. for about P5 billion last March underscores the confidence in CREIT’s growth trajectory.
“We believe SMIC’s investment is a vote of confidence in CREIT’s prospects and CREC’s business model. As a trusted partner, we remain committed to further build on our green asset portfolio, anchored on CREC’s plan to pursue its 5-gigawatt growth pipeline in the next five years,” Tan said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
