… As it completes six commercial and two industrial properties to boost revenue
Listed property company Far Property Company (FPC) is about to complete six commercial and two industrial properties which are expected to boost the company’s revenue growth in 2019.
FPC portfolio is currently spread across industrial, commercial and residential. Industrial sector is the most dominant, accounting for 53 percent of total portfolio with commercial coming second at 36 percent and residential at 11 percent.
During the financial year ended 30 June 2018, FPC recorded a 11 percent increase in revenue, from P121.8 million recorded in the same period last year to P134.8 million during the year under review.
Profit for the year attributable to the unitholders is P39.2 million compared with P65.4 million registered in the same period last year. The company says profit after net finance cost improved by 6 percent with rent yield improving by 7 percent.
Vacancy rate is said to be below 5 percent, amidst the property market believed to be under-strained. Currently the value of FPC portfolio is reportedly at P1.36 billion and has an available land bank for future growth.
For the year under review, the company has declared distribution of 12.27 Thebe comprising, 12.16 Thebe interest and 0.11 Thebe dividend per linked unit, with the distribution payable on the 5th of October this year.
To support the company’s continued growth, FPC board has offered unitholders the option of receiving linked units in lieu of a cash distribution up to 50 percent of their net distribution.