' Citicore Energy REIT’s income jumps to P226m ' Citicore Energy REIT Corp., the country’s first energy REIT, reported a net income of P226 million in 2021, or more than double the previous year’s P104 million as the energy sector remained re- Read more👇
than double the previous year’s P104 million as the energy sector remained resilient despite the pandemic.
The company reported audited gross revenues of P352 million last year, 95 percent of which was attributed to the sale of electricity from the Clark Solar Plant and the balance from land lease revenues coming from Citicore Solar Tarlac 1 and 2, which covered November and December. CREIT said this power revenue stream, however, would no longer apply to its financials starting 2022 as the service contract for Clark Solar Plant, as approved by the Department of Energy, was transferred to Citicore Renewable Energy Corp. effective Dec. 25, 2021 as part of CREIT’s REIT formation transaction.
CREIT tapped the capital markets through its initial public offering on Feb. 22, closing at P2.84 per share from an IPO offer price of P2.55 per share.
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