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.