UH Real Estate Investment Trust has experienced growth in the Nigerian stock market this March, rising 27% month-to-date to surpass N55, as of market open on the 21st.
The investment trust recently released its financial report for the full year of 2024, revealing a pre-tax profit of N1 billion, which marks a 54.6% increase from last year’s N698.5 million.
UH Real Estate also reported a total income of N1.2 billion, up 43.37% from the previous year’s N884.2 million.
The trust’s cash and cash equivalents reached N2 billion, up from N1.3 billion reported last year, while investment properties were valued at N9.2 billion.
So far in March, the trust has continued its upward trend, recording a market volume of N2.7 million and maintaining the bullish momentum that began the previous month.
Market trend
The bullish price action for UH Real Estate Investment Trust in the Nigerian stock market began in February at N36.60, surging by 20.90% with a market volume of 572.7 million after months of inactivity.
This positive momentum continued into March, with the trust climbing from an opening price of N44.70 to surpass N55. As of the market open on March 21, 2025, UH is trading at N56.90.
Performance
The investment trust’s financial report for the full year of 2024 highlights a total income of N1.2 billion, representing a 43.37% increase from N884.2 million in the previous year.
- Rental income accounted for the majority at N618.9 million, followed by sundry income at N335.4 million and interest income at N313.4 million.
However, operating expenses saw a slight rise to N221.7 million, up from N207.4 million the year before.
- The trust’s profit before tax surged to N1 billion, a 54.56% increase compared to N698.5 million in the prior year.
- Additionally, cash and cash equivalents climbed to N2 billion from N1.3 billion, with treasury bills comprising N1.9 billion of the total.
What to know
- UH Real Estate Investment is a Nigerian real estate trust fund focused on providing returns to its investors through a diversified portfolio.
- The UH REIT holds a mix of residential and commercial properties primarily located in Lagos and Abuja, with intentions to explore opportunities in other Nigerian cities in the future.
- The fund was listed on the Nigeria Stock Exchange (NSE) in 2008 and began operations in February 2009, starting with a net asset value of N12.876 billion.
