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Irish Residential Properties REIT PLC on Friday swung to a profit and raised its dividend despite slightly lower revenue amid ‘exceptional’ occupancy and demand. The private rental accommodation provider said revenue from investment properties fell 0.4% to €42.6 million in the six months to the end of June from €42.8 million a year ago. Net rental income climbed 1.6% to €33.3 million from €32.7 million. The company swung to a pretax profit of €16.3 million from a loss of €20.3 million a year ago. The net movement in fair value of investment properties was a €330,000 gain in the first half of 2025, compared to a €32.5 million loss a year ago. Irish Residential said it would declare an interim dividend of 2.36 euro cents per share, up 26% from 1.88 cents per share a year ago. The net rental income margin improved to 78.0% from 76.5%, due to an ‘intense focus on operating efficiency and successful implementation of cost management initiatives,’ Irish Residential said. The portfolio continues to be effectively fully occupied due to continued strong underlying demand for rental properties in Dublin. Irish Residential said it welcomes the Irish government’s ambition to increase housing supply, particularly around new rental accommodation. ‘Long term structural drivers, such as strong economic growth, favourable demographics and exceptional demand for accommodation, continue to support a sustained growth outlook for the Irish rental market,’ the company said. Chief Executive Officer Eddie Byrne said: ‘The first six months of the year have seen a step change in our operational and financial performance leading to significant improvements in margins and earnings. We have made real progress on our strategic initiatives including leveraging our operational capabilities to deliver 150 [basis points] margin improvement. ‘We have executed on our asset disposals programme achieving in excess of 25% premium to book value whilst maintaining a focus on delivering shareholder value through our capital allocation framework. We are well positioned to capitalise on the improving regulatory and market backdrop and we are excited to build on the progress we have made.’ Shares in Irish Residential Properties REIT were up 1.2% at 99.20 euro cents in Dublin at midday on Friday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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