Double-digit growth in Echo Polska dividend
EPP is maintaining its guidance for full-year distributions, after reporting strong growth in income and profit for the first half
JSE-listed Polish retail property group Echo Polska Properties (EPP) increased its distribution per share by 12% to 5.82 euro cents for the six months to end-June, the group said on Friday.
Net property income rose 45% to €66.2m, and the value of investment properties exceeded €2bn.
Net profit for the six months amounted to €79.4m, up from €40m a year earlier, and distributable income totalled €48.3m, up from €36.6m before.
Total net asset value (NAV) amounted to €975.99m, equating to NAV per share of €1.37.
The net loan-to-value ratio is 50.9%.
As of June 30 2018 the company managed a portfolio of 18 retail centres and six offices located in a number of regional cities in Poland.
In addition to these income-generating properties, EPP has two developments in the capital, Warsaw — Towarowa 22 and Mlociny, set to open in April 2019.
By the end of 2020, EPP expects to own 28 shopping centres.
The board said it remains confident EPP will deliver on previous guidance for a full-year distribution per share of between 11.6 and 11.8 euro cents.
EPP was untraded at R20.37 soon after the JSE’s opening. It has gained 19.8% in 2018, excluding dividends.