Investors applaud Tradehold’s results
The share price of retail tycoon Christo Wiese’s property group rose on Thursday morning after it reported nearly tripled revenue and asset value
The share price of retail tycoon Christo Wiese’s property group, Tradehold, rose 5% to R18.38 on Thursday morning after it reported nearly tripled revenue and asset value. Tradehold, which reports in pounds because it was historically a UK-focused property group, grew interim revenue 165.5% to £55.5m during the six months to end-August from the matching period in 2016. Finance costs of £27m, however, saw its after-tax profit decline 23% to £12m. Its total assets at August 31 were £994m, 161.7% growth from £380m in the previous year. During the reporting period, Tradehold’s UK subsidiary, Moorgarth, acquired the shopping centre next to Edinburgh’s main railway station, Waverley Mall, for £24.7m in partnership with the Moolman Property Group. In Namibia, Tradehold recently completed the £29m Dunes Mall in Walvis Bay in partnership with Atterbury Property Group. The Town Lodge, which forms part of The Steps development in Windhoek, was also completed during the same period. Meanwhile, ...
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