Sharechat Logo

Kiwi Property Group Limited (NZX: KPG) Announces Half-year Results and Dividend

Monday 23rd November 2020

Text too small?

Kiwi Property today announced its financial results for the six months ended 30 September 2020, reporting operating profit before tax of $55.2 million, down 8.4% on the same period last year. Net profit after tax rose 47.5% to $54.2 million, assisted by a fair value gain on investment properties.

Property valuations

As at 30 September 2020, the Company’s mixed use, office, retail and other investment properties were worth $3.2 billion [Note 3], following an $11.8 million fair value uplift. Net tangible assets per share also increased marginally to $1.29. Kiwi Property’s office assets proved most resistant to the economic impact of the pandemic, increasing in value by 4.3% to $950 million. In contrast, the Company’s mixed-use and retail portfolios declined in value by 0.9% (to $1.55 billion) and 3.3% (to $469 million) respectively.

Rent relief

The cost of the rent relief measures introduced to support tenants post-lockdowns contributed to a 5.3% reduction in net rental income to $84.9 million. Adjusted Funds from Operations (AFFO) were similarly affected, declining 21.1% to $36.5 million.

Dividend and guidance update

An interim dividend will be paid for the six month period ended 30 September 2020. In line with Kiwi Property’s new dividend policy, the payout of 2.20 cents per share is set at 95% of the Company’s AFFO. Payment will be made on 18 December 2020. Acknowledging that trading conditions remain uncertain for the remainder of the year, the board expects full-year AFFO to be in the range of 4.90 to 5.15 cents per share.

See the link below for more details:

KPG 1H21 NZX release

KPG 1H21 Financial statements

KPG 1H21 Results presentation

KPG 1H21 Distribution notice

KPG 1H21 Results announcement

Source: Kiwi Property Group Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Steel & Tube Holdings Limited (NZX: STU) Appoints CFO
NZX Market Operations - Promisia Integrative Limited (“PIL”) - Name Change
The New Zealand Refining Company Limited (NZX: NZR) Operational Update for November/December 2020
Mercury NZ Limited (NZX: MCY) FY2021 EBITDAF Guidance Revised to $535 Million
Heartland Group Holdings Limited (NZX: HGH) Heartland Australia Group Issues Australian MTNs
Oceania Healthcare Limited (NZX: OCA) Half Year Result and Interim Report
Promisia Integrative Limited (NZX: PIL) Change of Company Name and Ticker Code
T&G Global Limited (NZX: TGG) Announces New Chief Financial Officer
Seeka Limited (NZX: SEK) Advises the DRP Strike Price
Sky Network Television Limited (NZX: SKT) Andrew Hirst Joins Sky as Interim CFO

IRG See IRG research reports