Texaf 1H FY24: Strong Execution Across Core Businesses
Rental revenue came in at €12.5m, up 9.4% thanks to the launch of a portion of the project ‘Promenade des Artistes' of which 69 apartments (85%) were let during 1H. On a like-for-like basis, rental revenue grew by 3.8% while achieving almost full occupancy (97%). During 1H, Silikin Village Phase III (6,000sqm of furnished offices) was also made operation and 95% of private office spaces have been let already. Despite a difficult market, Carrigres booked revenues of €2.8m, up 2.5% compared to previous high achieved during FY23-end. Recurring EBITDA rose by 5% to €7.4m while net result rose by 12.8% to 4.4m. We continue to believe that Texaf holds an unmatched dominant position within the high-end RE rental market in Kinshasa while steadily building exposure to technology projects. We reiterate our BUY rating and €45.0 TP.Texaf SA is a Belgium-based investment company with industrial, real estate and agricultural use in the Democratic Republic of Congo. The Company attracts foreign investors to acquire majority or minority equity investments in the productive sectors, such as infrastructure, agribusiness, energy and finance in order to generate return on investments. In the Real Estate sector the Company has holdings in Anagest, a holding company; Utexafrica, a company offering residences for rent; Immotex and Cotex, both offering offices for rent; Promotex, a property development company and Agence Immobiliere du Fleuve, a real estate services company. In the Agriculture sector the Company has holdings in La Cotonniere and Estagrico. In the Industrial sector it has holdings in Carriaf, a holding company; Carrigres and Congotex. Finally in the Financial sector the Company has holding in i-Finance Holding, a holding company and i-Finance, engaged in micro financing activities.
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