UPDC Real Estate Investment Trust (REIT) has proposed a final dividend of N517.53 million to its unit holders for the full year financial period ended December 31, 2017.
The Trust results for 2017 released yesterday on the Nigerian Stock Exchange (NSE) showed that the proposed final dividend for the period amount to 19 kobo per share, while an interim dividend of N1.17 billion, amounting to 44 kobo per share has already been paid, making the total dividend to be paid to unit holders in 2017 to be N1.69 billion or 63 kobo.
UPDC REIT has earned a total of N2.21 billion, which has resulted in an earnings yield of 8.30 per cent as at December, 2017. The Trust in line with its policy has made a payment 90 per cent of the Trust’s income as distribution to unit holders for the 12 months period.
The Trust income from investment property went up to N1.131 billion from N1.104 billion in 2016, interest income rose to N1.131 billion as against N750.27 million in 2016, while net income went up to N2.638 billion from N1.844 billion. Profit after tax went up to N2.208 billion compared to N1.512 billion, while earnings per share rose to 83 kobo from 57 kobo in 2016.
Speaking on the Fund performance under the period review, the managing director of FSDH Asset Management Limited (the fund manager), Olumayowa Ogunwemimo, said that the Trust traded a total of 1.32 million units in 2017 and closed at a price of N10 on December 31, 2017. The earnings yield on investment in the Trust as at December 31, 2017 was 8.10 per cent.
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