|
|
|
Tue 28 Jul 2020
Close: 1 486c 
Day's move: 0c (0.00%)
Volume: 0
Trades: 0
|
|
|
|
Revenue for the interim period grew to USD24.1 million (2018: USD19.4 million), profit from operations rose to USD10.7 million (2018: USD7.3 million) whilst profit attributable to owners of the parent declined to USD13.1 million (2018: USD20.6 million). Furthermore headline earnings per share improved to USD2.80 cents per share (2018: USD2.77 cents per share).
Dividend
Shareholders are advised that dividend number 12 of USD5.25 cents per share for the six months ended 31 December 2019 has been approved and declared by the board of the Company. The source of the cash dividend is from rental income and cum-dividend reserve.
Company outlook
The Company continues to deliver on its targets of annual attractive income distribution and total annual return growth and is well positioned to capitalise on significant potential growth from its unique high-quality portfolio of properties as well as further attractive investment opportunities across the African continent. Given the strength of the Group's existing portfolio, we expect to continue to deliver annual rental growth as well as capital value increases through yield compression, risk mitigated developments and yield and NAV enhancing acquisitions.
Earnings in the second half of the year are expected to be underpinned by both recent acquisitive activity as well as the supportive dynamics of falling debt costs. Further improved benchmarking exercises and facilities management initiatives will bring about reduced and more efficient cost ratios to the portfolio. As a result, we remain confident of meeting our progressive dividend and total shareholder return targets for the full year.
The Group is on track to move trading in its shares to the premium listing segment of the Main Market of the London Stock Exchange as well as redomiciling its corporate seat to Guernsey in 2020, which is expected to facilitate the Group's eligibility for inclusion in the FTSE UK Index Series. This is anticipated to significantly improve the liquidity in the Company's shares and further diversify the Company's shareholder base. The Group is also actively reviewing its current listing locations and assessing the viability of three concurrent listings and the impacts that might be having on share trading liquidity.
We expect that the retail sector will remain challenging in both the occupier and investment markets against the backdrop of a fast-changing retail sector but we expect to deliver value by continuing to focus on maximising the yield of the current portfolio and unlocking value through the Company's operational expertise and proactive asset management, financial strength and selective asset divestment strategies.
We are continuing to assess a number of financing options to fund our investment pipeline of high-quality accretive assets leased to multinational corporates and attracting hard currency rental streams and will update shareholders in due course. The Company is well placed to continue to benefit from its strong position in the market and deliver attractive risk adjusted returns to our shareholders over the short and longer term.
|
| |
| Click here for Results In Brief |
| |
| Click here for Results Analysis |
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
|
|
