Citicore logs 12% YoY income growth to $24.8m in 2023

This is on the back of its “strong guaranteed base lease.”

Citicore Energy REIT reported a 12% year-on-year net income growth in 2023 to reach around $24.8m (PHP1.4b), with its revenue increasing by 31% to $31.9m (PHP1.8b).

In a statement, Citicore said the performance is supported by “a strong guaranteed base lease” which was boosted by the new properties it acquired during the period.

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The company’s landholding added seven parcels of land covering 5.12 million square metres of value-accretive assets.

“CREIT completed its second year as a full-fledged REIT company, generating largely resilient lease revenues, compared with purely electricity sales at the onset of its operations,” it said.

Its unique green asset portfolio has also grown 4.3 times since its initial public offering in 2022.

$1 = PHP56.42