Mashonaland Holdings revenues ahead of budget

Mashonaland Holdings revenues ahead of budget
Published: 24 February 2012 (1375 Views)
The company's AGM was held yesterday, Thursday 23 February 2012, and all resolutions tabled were passed without amendment. In a trading update, management reported that, revenue for Q1 2012 amounted to US$ 2.3m averaging $570,000 per month, which was 15% ahead of budget and 26% up y-o-y. Operating expenses stood at 34% of income and were in line with budget. The profit for the period was 29% ahead of budget and 27% up for last year.   

In terms of rentals, office rentals were at $10/m2, retail $15/m2 and industrial $1.90/m2 against SA averages of $15/m2, $40/m2 and $ 4.00/m2 respectively. The rental yield for the period at 9% is in line with the region at between 7% and 10%. The vacancy rate was 9% up from 8% as at September 2011 as one retail tenant moved out but is still manageable as the company is working on renovation and improvement of the properties. High utility costs especially electricity charges, however, threaten tenant viability.

The group has plans for two property developments, an office park in Avondale and residential housing project in Westgate. The projects will be funded from the company's cashflow and from borrowings.

Imara Stockbrokers said it expects Mash's quality property portfolio and stable tenant base to continue driving rental income growth and the group's profitability. The property development projects especially with the diversification into the residential sector are an additional plus.


- Byo24News

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