Earnings Report Overview: UHREIT Q1:2023

Bisi Adedun . a year ago

Earnings Report Overview: UHREIT Q1:2023

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Article Summary: Key Union Homes UHREIT Highlights: March 2022: Union Homes Real Estate Investment Trust (Nigeria) declares a final dividend of ₦1.91 per share. May, 2022: Notice of Change of Union Home REIT Name to UHREIT. [caption id="attachment_222249" align="alignnone" width="551"] Breakdown of UHREIT’s Portfolio by Valuation. Source: UHREIT[/caption]   At the beginning of May, Union Homes REIT…


Key Union Homes UHREIT Highlights:

  • March 2022: Union Homes Real Estate Investment Trust (Nigeria) declares a final dividend of ₦1.91 per share.
  • May, 2022: Notice of Change of Union Home REIT Name to UHREIT.
Breakdown of UHREIT’s Portfolio by Valuation

Breakdown of UHREIT’s Portfolio by Valuation. Source: UHREIT

 

At the beginning of May, Union Homes REIT released its first quarter financial statement for the period ended March 31, 2023, in which it reported a net income of ₦157 million, a 44.48% increase from the first quarter of 2022. Despite a 2.37% reduction in value of investment properties against the same period, the 16.68% growth in financial assets against Q1:2022 somewhat offset the loss leading to a 1.03% growth in net assets. The improved performance is also a result of 771% growth in net cash generated from operating activities. 

Details of UHREIT's Portfolio

Details of UHREIT’s Portfolio. Source: UHREIT

 

Breakdown of UHREIT's Portfolio by Asset Type

Breakdown of UHREIT’s Portfolio by Asset Type. Source: UHREIT

 

As at March 2023, Union Homes REIT had a market capitalization of ₦9.2 billion, with a stable trading price of ₦36.6 after a 9.96% drop in March, 2021. Managed by SFS Capital, the final dividend grew by 9.94% to ₦2.1 per share as at May, 2023.

Details of UHREIT's Portfolio

Details of UHREIT’s Portfolio. Source: UHREIT

 

The financial report released by UHREIT for the quarter indicates a positive 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. UHREIT has consistently registered a profit since 2018, and we expect a similar performance for FY:2023.

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