Leading property company, New Africa Properties has posted a modest improvement in profit for the twelve months to July 2018. This is according to a financial statement posted on the Botswana Stock Exchange Limited website on Wednesday afternoon. For the period under review, the company which is under the leadership of Tobias Mynhardt, recorded a profit of P217 million, compared to P199 million made during the same period last year.
“NAP’s performance in 2018 is reflective of the sound property portfolio performance in line with the trend since initial listing, all underpinned by the strength and diversity of the tenant base occupying the well-established portfolio,” said NAP. The owners of Madirelo Centre and Riverwalk mall in Gaborone said.
Profit exceeds distributable income by P69 million as a result of the after-tax revaluation and other accounting adjustments that are non-cash flow items and do not impact distributions, but add to the underlying net asset value of NAP which has increased by 5.2% this year. “The fairly constant exchange rate resulted in a P96 000 exchange loss under other comprehensive income, in comparison to last year’s P1.4 million gain,” noted the company.
Directors of the company have disclosed the company has the necessary war chest to survive the market. “NAP has significant gearing capacity available to fund acquisitions which would enhance long term returns. The catalyst for this would be securing quality property investments at appropriate initial yields,” commented John Chairman Mynhardt and Tobias Myhardt.