New African Properties (NAP) said retail properties lifted profits for full maiden results to July 2012, a statement from the company has revealed. The company listed on the local bourse last year. Profit After Taxation (PAT) hit P149 million according to the statement.
“The predominantly retail property continues to perform in line with expectations,” said Managing Director Tobias Mynhardt. Shareholders for the company also have something to smile about. Total return over on investment for shareholders who bought shares during listing in September 2011 stands at 15.85 percent. For the year under review, the company’s investment properties stood at P960 million.
“The board and management continue to explore property investment opportunities with the view to securing quality assets to enhance existing portfolio,” said the company. NAP currently represent a consolidation of the property interests of Cash Bazaar Holdings, its wholly owned subsidiaries and the subsidiaries in which the minorities have interest on, under a single fund.