“As we continue our asset expansion, we aim to provide a more significant income acceleration to empower your investments and leave a positive impact on our communities and the environment,” president and CEO Oliver Tan said during the company’s annual stockholders’ meeting on Monday.
Performance highlights
• CREIT added 7 land parcels totaling 5.12 million sqm in 2023.
• Revenues rose 5 percent to P1.9 billion in 2024.
• Net income hit P1.4 billion; earnings before interest, taxes, depreciation and amortization (ebitda) also reached P1.9 billion.
• Variable lease revenues jumped 48 percent.
• All 14 solar-linked assets stayed fully occupied with 7.1 million sqm and a 20.44-year average lease term.
Robust dividend payouts
CREIT declared total dividends of P0.202 per share in 2024, exceeding the 90 percent distribution threshold required under the REIT law.
“Our accomplishments translated positively to our investors through record-high dividends, and to our host communities through sustainability programs conducted with the Citicore Group,” Tan added.
Long-term upside
“Our land assets, which are primed to support such [renewable energy] developments, are an attractive opportunity for investors,” said Saavedra, the chair of CREIT.
The company’s strong ties with sponsor Citicore Renewable Energy Corp. (CREC) give it access to solar sites under CREC’s 5-GW pipeline, with CREIT already benefiting from early-stage developments.
“Once these renewable energy facilities are online, we expect to surge in tandem with CREC, further giving merit to our value-accretive strategy,” Tan said.
