Hyprop, owners of Ikeja City Mall posts ZAR1.6 billion for 2016

City Mall

Hyprop, part owners of Ikeja City Mall in Lagos Nigeria said in its financial report for 2016 that it recorded an increase in revenue of ZAR1.6 billion from ZAR1.5 billion in 2015.

The company’s operating income rose to ZAR1 billion in the year in review against ZAR978.1 million recorded in 2015, while total profit for the period attributable to shareholders of the company decreased to ZAR1.6 billion compared to ZAR1.9 billion recorded in 2015.

Furthermore, hyprop headline earnings per share strengthened to 395.9cps  in contrast to 392.2cps posted in 2015. A dividend of 347,3 cents per share for the six months ended 31 December 2016 will be paid to shareholders.

Hyprop said it expects dividend growth of approximately 12% for the full year to 30 June 2017.

The company based its guidance to its shareholders on the following key assumptions:

*Forecast investment property income is based on contractual rental escalations and market-related renewals;
*Appropriate allowances for vacancies have been incorporated into the forecast;
*No major corporate and tenant failures will occur;
*Earnings from offshore investments will not be materially impacted by exchange rate volatility. Exchange rates have been assumed at ZAR12,75 and ZAR13,80 to the US Dollar and Euro, respectively; and
*No income from Ikeja City Mall (Lagos, Nigeria) has been included in the forecast.
The forecast has not been reviewed or reported on by the company Æs auditors.

Company Information

Hyprop, Africa’s leading specialist shopping centre Real Estate Investment Trust (REIT), operates a portfolio of shopping centres in major metropolitan areas across South Africa, sub-Saharan Africa and South-Eastern Europe.

Hyprop’s strategy is to own high-quality shopping centres in emerging markets, where such assets can be acquired or developed at attractive yields. Hyprop’s shopping centres dominate in terms of average size, which attracts new concept and flagship stores to make our centres the preferred locations for local and international brands. The company structure provides a sound foundation for the execution of our strategy, with capable and experienced teams and a hands-on approach enabling us to effectively manage our assets to achieve ongoing income and capital growth.

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