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Sirius Real Estate Ltd on Monday reported mixed results for the first half of its financial year with higher revenue and rental roll growth but lower profitability and a drop in net asset value per share. The London and Johannesburg-listed property investor said pretax profit fell 6.0% to €57.5 million in the six months to September 30 from €61.2 million the year prior. This was primarily due to a net foreign exchange loss of €14.2 million on sterling cash reserves held in anticipation of UK investments made in the period, the firm explained. Revenue grew 3.7% to €162.3 million from €156.5 million, but administrative expenses jumped 71% to €43.9 million from €25.7 million, while net finance expenses increased 51% to €11.2 million from €7.4 million Basic earnings per share climbed 47% to 5.77 euro cents from 3.92c, and by the same magnitude to 5.67c from 3.87c on a diluted basis. Adjusted NAV per share fell 0.9% to 117.84c from 118.89c, with valuation gains offset by unrealised foreign currency translation effects in the period on the group’s UK assets being converted into the euro-based reporting currency. Sirius Real Estate reported just over 15% total rent roll growth to €242.5 million from €210.5 million a year ago, reflecting the impact of acquisitions in the period. On a like-for-like basis, rent roll growth was 5.2%, driven by continued strong organic growth and occupier demand in Germany and the UK. The firm reported portfolio gross and net yields of 7.5% and 6.7% in Germany and 12.3% and 8.8% in the UK. Funds from operations increased 6.6% to €64.7 million from €60.7 million last year with FFO per share of 4.30c, little changed year-on-year from 4.29c. Looking ahead, Sirius said it is trading in line with management expectations and continues to target further growth options, particularly in Germany. The dividend was increased by 4.0% to 3.18c per share from 3.06c. Shares in Sirius Real Estate were down 1.9% at 96.95 pence each in London on Monday. In Johannesburg, the stock was down 1.6% at R 21.95. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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