3rd Jun 2024 10:24
(Alliance News) - Sirius Real Estate Ltd on Monday said it is assessing growth options in Germany and the UK after delivering "another very positive set" of annual results.
The London- and Johannesburg-listed property investor reported a 32% rise in pretax profit to EUR115.2 million for the financial year that ended March 31 from EUR87.0 million the year earlier, primarily due to valuation gain amounting to EUR12.4 million, compared to a loss of EUR9.8 million previously.
Revenue was up 6.9% to EUR288.8 million from EUR270.1 million, with funds from operations rising 7.9% to EUR110.2 million from EUR102.1 million.
Sirius declared a final dividend of 3.05 euro cents, up 2.3% from 2.98 cents. This brought the total payout for financial 2024 to 6.05 cents, up 6.5% from 5.68 cents.
Earnings per share jumped 28% to 8.75 cents from 6.82 cents, while headline EPS was 6.6% higher at 8.12 cents from 7.62 cents. The variance between EPS and HEPS is attributable to the gain on revaluation of investment properties.
"Sirius has delivered another very positive set of annual results, with a strong operational performance driving FFO, valuation and dividend growth in what represents our tenth year of annualised rental growth above 5% and dividend increases," Chief Executive Officer Andrew Coombs said.
In November, Sirius raised EUR165.3 million in equity, saying this was to rapidly execute on its pipeline of property acquisitions in both Germany and the UK, taking advantage of market conditions. It subsequently bought assets worth EUR160 million in the past six months.
Sirius said it continues to assess further growth options in both Germany and the UK on an "opportunistic basis".
Shares in Sirius were up 1.1% to 98.55 pence each in London on Monday morning and were up 1.7% to ZAR23.50 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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