FPC lifted by rental income

SHARE   |   Monday, 03 October 2016   |   By Staff Writer
FPC lifted by rental income

The Far Property Company Limited - the latest company to be listed on the Botswana Stock Exchange (BSE) – this week published its first results with rental income having gone up by 14 percent. The company’s operating profit has as well gone up by 27 percent to P111.2 million from P87.4 million registered the year before and the Fair Value deficit for the year of P17 million (2015 surplus) reflects current valuation conditions prevailing in the Botswana market. It is said, however, that the deficit does not affect the profit available for distribution which is at P9.6 million having decreased from P85.7 million from the previous year.

Far Property, which focuses on industrial, commercial and residential, says for the period under review, rental income increased from P84.5 million in 2015 to P96.7 million for the financial year 2016. Its portfolio consists of 49 percent of industrial property with commercial making 38 percent of the portfolio and the remaining 13 percent being residential. The company has announced that property developments to be completed in the next 18 months will enable the overall portfolio to be more balanced and developed with the low vacancy rate forecast to be sustained. A total of 3.42 Thebe is due to be paid unitholders per linked unit and the amount comprises 3.38 Thebe interest and 0.04 Thebe dividend which will be paid to unitholders in October.