Hyprop’s assets up 17.5% to 26.4 billion rand - CNBC Africa

Hyprop’s assets up 17.5% to 26.4 billion rand

Earnings

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Canal Walk and Somerset Value Mart are some of Hyprop's assets. PHOTOS: Hyprop Investments Limited

Revenue for the 12 months ended 30 June 2014 increased to 2.5 billion rand from 2.2 billion rand in the previous comparative period in 2013.

(WATCH VIDEO: Hyprop FY revenue up 4%)

Investment property income also increased to 2.4 billion rand from two billion rand in 2013. Operating income recorded a slight increase to 1.5 billion rand for the period from 1.4 billion rand.

“Hyprop declared a distribution of 472 cents per unit for the year to 30 June 2014, an increase of 11.3 per cent on the corresponding period in 2013,” Hyprop said in a statement.

“Distributions for the six months to 30 June 2014 were up 13.1 per cent to 241 cents per unit from 213 cents per unit for the six months to 30 June 2013. This was due to strong like-for-like growth from the super and large regional shopping centres, savings on interest costs and the acquisition of African Land Investments Limited in December 2013.”

[DATA HYP:Hyprop Investments Limited] is a shopping centre real estate investment trust that specialises in shopping centres. Hyprop directly owns 12 prime shopping centres in major metropolitan areas across South Africa. Hyprop also has exposure to malls in sub-Saharan Africa through Atterbury Africa. 

Total property assets were up 17.5 per cent to 26.4 billion rand. Profit before taxation was recorded at 1.9 billion rand for the period from 2.6 billion rand in 2013, while total profit for the year was recorded at 1.9 billion rand from 4.6 billion rand.

Revenue for the company’s super regional segment was recorded t 545.2 million rand for the period from 479.8 million rand in 2013. Hyprop owns 80 per cent of Canal Walk, which falls under the super regional segment.

Revenue for Hyprop’s large regional segment increased to 1.1 billion rand for the period from 822.8 million rand, which includes Clearwater Mall, CapeGate Retail Precinct and Rosebank Mall.

Revenue for the regional segment was recorded at 179.9 million rand for the period from 171.4 million rand, while revenue from value centres increased to 288.9 million rand for the period from 265.8 million rand in 2013.

Revenue for investment property increased to 2.3 billion rand for the period under review from 1.5 billion rand in 2014.

(READ MORE: Hyprop sees investment property income growth)

“Hyprop expects dividend growth of between 10 per cent and 12 per cent for the full year to 30 June 2015. Hyprop’s strategy is to invest in high-quality shopping centres in sub-Saharan Africa,” the firm said.

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