Growthpoint reports dip in full-year revenue
South Africa’s largest property owner, Growthpoint Properties, came out with with their numbers for the year to June. Full-year distributable income is up over 5 per cent, on lower vacancies and rental discounts. Headline earnings per share also increased by just over 24 per cent. Joining CNBC Africa for more is Norbert Sasse, CEO, Growthpoint.
Wed, 14 Sep 2022 17:58:05 GMT
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AI Generated Summary
- Resilient financial performance showcased by Growthpoint Properties in their latest full-year results, driven by growth in distributable income and headline earnings per share.
- Positive signs of recovery in the retail sector, modest improvements in the office segment, and strong performance in the industrial space highlighted in the interview with CEO Norbert Sasse.
- Exceptional performance of the V&A Waterfront, stability in Eastern European operations amid the Russia-Ukraine conflict, and growth opportunities in the Australian market and fund management business outlined as key focus areas for future growth.
South Africa's largest property owner, Growthpoint Properties, recently released their financial results for the year ending in June, showcasing a resilient performance in a challenging market environment. The company reported a growth of over 5% in distributable income, attributed to lower vacancies and rental discounts. Additionally, headline earnings per share increased by just over 24%, demonstrating the company's ability to weather the storm amid the ongoing uncertainties in the market. Norbert Sasse, CEO of Growthpoint Properties, joined CNBC Africa to discuss the results and shed light on the key trends impacting the different sectors within the company's portfolio. The interview highlighted positive signs of recovery in the retail sector, modest improvements in the office segment, and strong performance in the industrial space. Sasse also touched upon the exceptional performance of the V&A Waterfront, which exceeded pre-COVID levels and contributed significantly to the company's bottom line. Despite challenges in the market, Growthpoint's Eastern European business remained stable, with minimal disruption from the Russia-Ukraine conflict. Looking ahead, Sasse emphasized the potential growth opportunities in the Australian market and the strategic focus on expanding the fund management business to double assets under management in the next five years. With a promising outlook for the upcoming season at the V&A Waterfront and plans for expansion in fund management, Growthpoint Properties is well-positioned for continued success in the real estate sector.