Key SFS Real Estate Investment Trust Highlights in 2023:

 

Earlier this year, SFS (Skye Fund Shelter) Real Estate Investment Trust released financial performance results for the first quarter of 2023 in which it reported a net income of ₦64.2 million, a 33.7% increase from the same period last year. The improved performance registered can be attributed to 23.7% increase in rental income and a 9% decrease in operating expenses compared to the period ended March 31, 2022.

 

 

 

As at March 31, 2023, SFS REIT had a market capitalization of ₦1.5 billion, maintaining a trading price of ₦77 per share between January 1st, 2023 and March 31st, 2023. Managed by SFS Capital Nigeria Limited, the unitholders’ funds grew by 1.73% to 2.4 billion as at December 31, 2022. The portfolio’s average yield and vacancy rate (by property value) stood at 6.52% and 0% for the year ended, respectively.  

The financial report released by SFS Real Estate Investment Trust for the quarter indicates it was a successful start to the year for the institution. This result is in keeping with its 2022 FY  performance, which bodes well for the rest of the year. SFS REIT has consistently registered a profit since 2019, except 2021 where it registered an 8.34% loss in net income. Notably for Q1:2023, the bulk of its profit this year is tied to a 2,157% increase in operating activities from March 2022 possibly a result of the high adoption of SFS Mobile Fund Application which was launched in August 2022.

 

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