Emira HY revenue up 12.5%

Emira Property Fund, a JSC listed real estate investment trust, has recently reported a decrease in distributable earnings by 18%. The CEO, Geoff Jennett, attributes this decline to disposals, lower income from US investments, and higher interest rates on debt. In a recent interview with CNBC Africa, Jennett shed light on the factors affecting distributable earnings and the company's future plans. The decrease in dividend per share by 7.1% for the six-month period ending in December 2022 was primarily driven by the impact of high interest rates. Additionally, the disposal of high-yielding investments into debt has also contributed to the decline. Despite these challenges, Emira Property Fund remains committed to maintaining a strong financial position and exploring growth opportunities. Jennett highlighted the company's focus on the US market and the recent acquisition of Transcend as part of their expansion strategy. While the economic environment remains challenging, Emira Property Fund is optimistic about its outlook and confident in its ability to weather the current market conditions.