Listed real estate developer Home Afrika Limited has posted a profit of KSh 192.4 million for the half year ended June 30, 2025, a 14.6% increase from KSh 167.8 million for the same period last year..
- •The growth was supported by higher revenues, reduced operating costs, and lower finance charges.
- •The completion and certification of Migaa Golf Course boosted revenue streams, both through events and increased sales of adjacent plots.
- •Home Afrika’s half year results build on a full-year turnaround in 2024, when Home Afrika reported its first profit in a decade.
The real estate developer’s revenue rose 16.2% to KSh 359.4 million, driven by higher title issuance, recognition of deferred income, and stronger deposits for plots.
Other operating income more than doubled to KSh 23.8 million, boosted by events and tournaments at Migaa Golf Estate. Operating profit climbed 7% to KSh 227.2 million. Finance costs dropped 21.8% to KSh 34.8 million following ongoing debt restructuring.
Home Afrika H1 2025 Financial Highlights
| Metric | Jun 30, 2025 | Dec 31, 2024 | YoY/Δ % |
|---|---|---|---|
| Revenue | 359.43 Mn | 309.41 Mn | 🟢 +16.2% |
| Cost of Sales | 101.22 Mn | 36.80 Mn | 🔴 +174.9% |
| Gross Profit | 258.22 Mn | 272.61 Mn | 🔴 -5.3% |
| Other Operating Income | 23.84 Mn | 10.26 Mn | 🟢 +132.3% |
| Operating Profit | 227.22 Mn | 212.37 Mn | 🟢 +7.0% |
| Finance Costs | 34.83 Mn | 44.55 Mn | 🟢 -21.8% |
| Profit Before Tax | 192.40 Mn | 167.82 Mn | 🟢 +14.6% |
| Profit After Tax | 192.40 Mn | 167.82 Mn | 🟢 +14.6% |
| EPS (Shs) | 0.24 | 0.20 | 🟢 +20.0% |
| Net Cash from Ops | 332.92 Mn | 307.11 Mn | 🟢 +8.4% |
| Cash & Cash Equivalents | 4.66 Mn | 6.00 Mn | 🔴 -22.4% |
| Accumulated Deficit | -2.26 Bn | -2.36 Bn | 🟢 +4.1% |
| Total Assets | 3.60 Bn | 3.74 Bn | 🔴 -3.6% |
| Total Liabilities | 5.74 Bn | 6.07 Bn | 🟢 -5.4% |
| Total Equity | -2.14 Bn | -2.33 Bn | 🟢 +8.2% |
- •Earnings per share increased 20% to KSh 0.24 as net cash from operations jumped to KSh 332.9 million, up from KSh 307.1 million in 2024.
On the balance sheet, total assets stood at KSh 3.60 billion, down from KSh 3.74 billion at December 2024, while total liabilities eased to KSh 5.74 billion from KSh 6.07 billion.
Negative equity narrowed to KSh 2.14 billion from KSh 2.33 billion, with accumulated deficit improving to KSh 2.26 billion.
The company credited the improvement to leaner operations, tighter cost controls, and the continued restructuring of borrowings.
FY2024 as Context
- •Net profit for FY2024 stood at KSh 133.5 million, compared with a KSh 27.8 million loss in 2023.
- •Revenue more than doubled to KSh 781.9 million, supported by deferred income recognition, lease registrations at Migaa, Smart Plots title issuance, and higher golf course income.
- •Despite the return to profitability, the company opted against paying a dividend in 2024, prioritizing debt reduction and liquidity preservation.
