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UPDC REIT reports 20% increase in profit after tax for FY 2018 

Joseph Olaoluwa by Joseph Olaoluwa
October 9, 2019
in Business News, Company News, Company Results
UPDC REIT reports 19.7% increase in profit after tax for FY 2018 
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UPDC Real Estate Investment Trust (REIT) has released its full-year audited 2018 results for the year ended 31 December 2018.

This was disclosed in a notification addressed and sent to the Nigerian Stock Exchange.

[READ MORE: Full Year-2019: PZ Cussons’ profit declines by 40%]

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Here are the key highlights of the result:

Rental Income: The company reported a rental income of ₦1.32 billion for the period ended December 2018 compared to ₦1.12 billion reported for the period ended December 2017. This represents an almost 17.8% increase.

Profit After Tax: Profit after Tax was ₦2.64 billion for the period ended December 2018, representing an almost 20% increase from ₦2.20 billion reported for the period ended December 2017.

Earnings Per Unit: UPDC REIT reported earnings per unit of N0.99 for the period ended December 2018 compared to N0.83 reported for the comparative period in 2017.

Current Share Price: UPDC REIT traded at ₦4.90 during today’s session on the floor of the Nigerian Stock Exchange (NSE).

[READ ALSO: GTBank reports 3.7% increase in profit after tax in H1 2019]

About UPDC Real Estate Investment Trust

UPDC Real Estate Investment Trust/Nigeria is a real estate investment trust (REIT) which invests at least 75% of its assets directly in quality real estate (land and/or properties) in strategic locations across Nigeria.

 


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Tags: GTCO Holdings - FinancialsNigerian Stock ExchangeUPDC REIT
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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