Earnings Report Overview: UPDC REIT FY:2023

Earnings Report Overview: UPDC REIT FY:2023

Article Abstract

  • Revenue Progress: UPDC REIT’s first quarter revenue after tax elevated by 4.69% in comparison with the identical interval in 2022, pushed by rental earnings and curiosity earnings progress.
  • Market Efficiency: UPDC REIT had a market capitalization of ₦8.4 billion and its buying and selling value rose from 3.0 to three.15 within the first quarter of 2023.
  • Guardian Firm Success: UPDC recorded a 614% enhance in income and a revenue earlier than tax of ₦331 million in 2022, specializing in property gross sales and delivering housing items.

Key UPDC REIT Highlights in 2023

Final month, UPDC REIT launched its first quarter monetary assertion for the interval ended March 31, 2023, wherein it reported a revenue after tax of ₦303 million, a 4.69% enhance from the primary quarter of 2022 regardless of recording a 150% loss within the honest worth of funding property.

The improved efficiency is a results of the 8.1% progress in rental earnings and a 42% enhance in curiosity earnings, notably mounted deposits which accounts for 65% of curiosity earnings earned inside that interval.

As of March 31, 2023, UPDC REIT had a market capitalization of ₦8.4 billion whereas its buying and selling value rose from 3.0 to three.15 between Dec thirtieth, 2023 and Mar 31, 2023. Managed by Stanbic IBTC Asset Administration, the web property attributable to unitholders grew by  4.79% to ₦26.4 million as of Mar 31, 2023.

Final month, the UPDC REIT’s mother or father firm, UPDC, introduced that it recorded a 614% enhance in income from ₦825 million in 2021 to ₦5.9 billion in 2022 on account of ₦5.1 billion in property gross sales. Thus registering a revenue earlier than tax of ₦331 million for the 2022 monetary 12 months.

The CEO attributed this revenue to a give attention to the acquisition and recapitalization of tasks, notably these within the middle-income section to ship 1,500 housing items to the actual property market over the subsequent 5 years.




The monetary report launched by UPDC REIT for the quarter signifies that it was a profitable begin of the 12 months for the establishment.

After recording a significant lack of 4.4 million in 2021 on account of the pandemic, this Q1:2023 end result coupled with the FY:2022 year-end outcomes means that it’s on an upward pattern.

Nevertheless, whereas exceptional, mounted deposits can’t be relied on as a predominant income for the REIT. Different avenues like rental earnings must be exploited by executing stalled and conceptual tasks (e.g. Competition Flats and Mission Alpha) to enhance the monetary earnings.



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Writer: Bisi Adedun

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