Octodec Investments shares jump 6.8% after strong results

Posted On Wednesday, 23 October 2013 19:27 Published by
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Octodec Investments delivered strong growth in distributions of 14,8% for the year representing an income yield of 8,3% with a total return of 11,7%.

Jeffrey WapnickShares in Octodec Investments (OCT) jumped 6.8% in early trade on Wednesday following the release of its annual results.

The group earlier reported a 14.8% increase in its distribution to 157.6c per linked unit for the 12 months ended August 2013. The interim distribution was 78.7c per linked unit with a final distribution of 78.9c per unit.

Its net asset value grew 18.7% to R22.33 per unit.

The group invests in the retail‚ industrial and office property sectors and has a growing residential component in its portfolio.

Rental income and net rental income increased by 10.6% and 7.2% respectively compared with the previous year.

Commenting on the results, Jeffrey Wapnick, Managing Director said; "Octodec delivered strong growth in distributions of 14,8% for the year representing an income yield of 8,3% with a total return of 11,7%. A pleasing result considering the continued pressure on consumers and challenging trading conditions faced during the year.

"These results reflect a well-executed strategy with rental income having increased following a number of value enhancing upgrades and a pro-active approach to letting."

The group is considering a number of redevelopment opportunities for some existing properties‚ which will enhance the quality of the property portfolio and result in sustainable distributions in the future

Last modified on Wednesday, 23 October 2013 19:34

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