Texaf 3Q FY24: Rental Income Up 16.0% YoY
During 3Q FY24, Texaf's rental income (residential + commercial) came in at €6.7m, up 16.0% on a YoY basis – the increase in rental income was mainly driven by the renting our 2 major projects ‘Promenade des Artistes' and Phase 3 of Silikin Village which became available during July'24. We note that during Oct'24, Texaf announced that it had sold 49.0% of Petit-Pont for total proceed of €5.4m of which €2.7m was capital gains which will not show on the consolidated financials of Texaf due to Texaf still holding 51.0% of the property. Due to sluggish construction activity, Carrigres' revenue dropped 40.0% YoY to €1.2m while Texaf digital acquires a stake in startup ‘Afriwise', which offers an AI-driven legal information platform for the African and Middle Eastern markets. 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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.