Russia-focused industrial real estate company Raven Property has cut its dividend by 44% in the year to end-December due to the weaker rouble.

The company, which has a primary listing in London, said its vacancies were still low, despite the pandemic and resultant lockdown in Russia.

Its portfolio is worth 112.7bn rouble, or R23bn.

Raven’s occupancy on December 31 2020 had increased to 94% from 90% a year before, with 289,000m2 of new space being let and 310,000m2 being extended in the reporting period.

Raven reported underlying earnings of £19.0m compared with £15.8m earned in 2019 before unrealised foreign-exchange movements.

The group suffered foreign-exchange losses of £53.7m, having earned a foreign-exchange profit of £27.5m in 2019. This was because the rouble weakened markedly against the pound.

Raven’s cash on hand was £53.1m at the end of the period compared with £68.1m at the end of December 2019. 

A final dividend of 1.25 pence was declared for the 2020 financial year, compared with the 2.25p declared for the 2019 financial year.

“Our strong underlying financial performance reflects the now widely acknowledged quality of logistics warehousing as a global real estate asset class and the resilience of Russia and its economy,” CEO Glyn Hirsch said.

Raven Property listed on the JSE on September 10 2018 and has had limited take up of its shares from SA investors who have not invested in Russia in the past.


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