Texaf Project commercialisation in 1H24 to bolster top line growth
During FY23, revenue came in at € 31.3m implying a growth of 6.3% which was mainly driven by an almost 100.0% occupancy rate, indexation built into rental contracts and higher revenue at Carrigres. 3 projects will start contributing to Texaf's top line during 1H24. Promenade des Artistes will add 94 apartments to Texaf's existing 332 and these units were quickly absorbed by the market. Silikin Village III is already 85.0% reserved and Open Access Data Centre will become first operational data centre in DRC to meet international standards. Carrigres saw revenues rise by 18.0% driven by a strong demand and due to better pricing/product mix. We believe that, over the LT, Texaf's revenues from its real estate activities will keep rising steadily due to the rental of new developments and an increase in the number of rentable units while over the medium to long-term, initiation of work on the ‘Kinsuka Garden City' project will be a major catalyst for the stock should Texaf be able to partner up with large-scale developers either domestic or international. Added to this, the sandstone quarry should keep benefitting from rising prices and the future infrastructural development to take place in the DRC. 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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