Stanlib Fahari I-REIT net profit up 13% to Sh 193 million

Stanlib REIT’s net earnings grew by 22 million to reach KSh193 million in 2018. Revenue grew by 23 percent from KSh271 million to KSh332 million largely driven by higher rental income. Its total operating costs also jumped up 3 percent to KSh239 million as a result of increased property expenses.

The firm’s total assets increased to reach KSh3.85 billion from KSh3.76 billion recorded the previous year. The increase is attributed to a rise in investment properties and growth in value of property and equipment.  Its liabilities went up by 35 percent from KSh95 million to KSh129 million due to an increase in the value of trade and other payables.

In a note to the press, the company noted that the new accounting standard IFRS 9 did not significantly impact its financial statements. It also revealed that construction of a three screen cinema at Greenspan mall is nearly finished and operations are expected to begin in the second quarter of 2019. The new cinema will enhance “the mall’s entertainment offering” and result in higher rental incomes.

Stanlib’s REIT manager recommended that KSh135.7 million be distributed to the firm’s investors before 30^th April 2019. The amount will translate to KSh0.75 for every unit held.