15th Mar 2021 11:33
(Alliance News) - Raven Property Group Ltd on Monday reported a plunge in annual profit, as the Russia-focused warehouse property investor suffered a loss on the revaluation of properties.
For 2020, Raven Property posted a pretax profit of GBP976,000, a 99% plunge from GBP65.1 million the year before.
This resulted mostly from a loss of GBP5.0 million on the revaluation of investment properties, compared to gain of GBP47.8 million in 2019. There also was a foreign exchange loss of GBP53.7 million incurred, compared to a gain of GBP27.5 million, due to a weaker Russian rouble.
Revenue dropped 12% year-on-year to GBP153.8 million from GBP175.4 million the prior year.
Raven's diluted net asset value per share dropped 47% year-on-year to 40 pence from 75p.
Raven property portfolio value at the end of December was RUB112.7 billion, around GBP1.11 billion, up marginally from RUB112.4 billion the prior year, as occupancy increased to 94% from 90%.
Raven Property intends to make a final 1.25 pence per share distribution, conducted through a tender offer buyback of 1 in 32 shares at 40p each.
"Our strong underlying financial performance reflects the now widely acknowledged quality of logistics warehousing as a global real estate asset class and the resilience of Russia and its economy," said Chief Executive Officer Glyn Hirsch.
Raven Property was up 3.9% in London on Monday at 29.70 pence.
By Dayo Laniyan; [email protected]
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