(Alliance News) - Stenprop Ltd on Friday said its profit rose in the first half of its current financial year amid a gain on investments.
The industrial property company said revenue for the six months to September 30 was broadly flat when compared to the prior year, at GBP21.1 million. Property expenses increased, however, to GBP6.1 million from GBP5.3 million a year earlier.
Thus, net rental income for the first half was GBP15.0 million compared to GBP15.8 million reported a year ago.
More positively, the company said its pretax profit almost doubled to GBP25.4 million from GBP13.4 million a year prior, as the fair value gain on investments jumped to GBP18.7 million from GBP4.8 million year-on-year.
Stenprop said its portfolio value - including joint ventures - grew to GBP574.1 million from GBP532.6 million year-on-year. Net asset value per share improved to GBP1.44 from GBP1.38 a year ago.
The company maintained its dividend at 3.375 pence a share.
"This is a strong set of results for the company which we have delivered against the uncertain backdrop of the Covid-19 pandemic," said Chief Executive Paul Arenson.
"This progress and the company's performance have given us the confidence to both maintain our fully covered dividend for the first half of the year and confirm guidance, for the first time, of a similar level of dividend for the next six month period," added Arenson.
Stenprop shares were untraded in London on Friday, last closing at 135.00p each, while in Johannesburg, the stock was untraded at ZAR27.30 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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