UPDC REIT reports 20% increase in profit after tax for FY 2018

UPDC Real Estate Investment Trust (REIT) has released its full-year audited 2018 results for the year ended 31 December 2018.

This was disclosed in a notification addressed and sent to the Nigerian Stock Exchange.

Here are the key highlights of the result:

Rental Income: The company reported a rental income of ₦1.32 billion for the period ended December 2018 compared to ₦1.12 billion reported for the period ended December 2017. This represents an almost 17.8% increase.

Profit After Tax: Profit after Tax was ₦2.64 billion for the period ended December 2018, representing an almost 20% increase from ₦2.20 billion reported for the period ended December 2017.

Earnings Per Unit: UPDC REIT reported earnings per unit of N0.99 for the period ended December 2018 compared to N0.83 reported for the comparative period in 2017.

Current Share Price: UPDC REIT traded at ₦4.90 during today’s session on the floor of the Nigerian Stock Exchange (NSE).

About UPDC Real Estate Investment Trust

UPDC Real Estate Investment Trust/Nigeria is a real estate investment trust (REIT) which invests at least 75% of its assets directly in quality real estate (land and/or properties) in strategic locations across Nigeria

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Author: see naija

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