Union Homes REIT reports 34.5% dip in profit

Union Homes Real Estate Investment Trust (REIT) has experienced a 6.36% reduction in total income for the nine months period ended 30 September 2019. 

This was disclosed in the firm’s financial statements for the nine-month period published earlier today on the website of the Nigerian Stock Exchange. 

Total Income: Total Income for the group declined from ₦420.82 million in 2018 to ₦394.03 million in the year under review. This represents a 6.36% decrease for the nine-month period. 

 [READ MORE: UPDC REIT reports 20% increase in profit after tax for FY 2018] 

Profit before tax: Profit before tax dipped from ₦384.16 million in 2018 to ₦251.66 million in 2019. This represents a 34.5% decrease for the period under review. 

Earnings Per Share: The Earnings Per Share, however, increased from ₦1.071 in 2018 to ₦1.338 in 2019. 

About Union Homes Real Estate Investment Trust (REIT): Union Homes Real Estate Investment Trust is a Fund incorporated under the laws of Nigeria and commenced business on February 3rd, 2009. The Fund is a hybrid REIT that provides Unit Holders access to investments in the approved portfolio. It is governed by a Trust Deed approved by the Securities and Exchange Commission.