SFS REIT reports 32 per cent increase in revenue in 2024

SFS Real Estate Investment Trust Fund has reported a 32 percent growth in its revenue to N783.88 million in December 2024, up from N593.57 million recorded in December 2023.

The fund’s total income for the year was N554.91 million, representing a rise from N395.42 million in 2023. The growth in income was driven by higher rental income received, which stood at N162.09 million, compared to N317.50 million in the previous year.

Despite an increase in administrative expenses, the fund posted a net income of N317.50 million, a decrease from N480.31 million in 2023.

In terms of assets, the trust’s total assets increased to N3.47 billion as of December 2024, compared to N3.30 billion in the previous year, primarily due to growth in investment properties, which were valued at N1.97 billion. The fund’s total liabilities, including payables and unclaimed dividends, amounted to N689.08 million, slightly reduced from N706.45 million in 2023.

SFS Real Estate Trust’s total net assets stood at N2.78 billion, reflecting a growth from N2.59 billion in 2023. Unitholders’ equity remained steady at N2 billion, as in the previous year, while the revenue reserve saw a notable increase of N190.31 million.

In terms of cash flow, the trust experienced a decrease in cash equivalents, closing the year at N29.45 million compared to N755.42 million at the start of the year. This was due to cash outflows in investing activities, including purchases of investment properties and increased investment in securities.

The trust distributed N290 million to unitholders during the year, up from N169 million in 2023, while maintaining strong cash flow from its operating activities despite a  b decrease in rental income.

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