NAP profits rise to P235m

The assets include mostly retail centres such as Riverwalk Mall, Kagiso Mall, Kasane Mall, and Mafenyatala Mall in Molepolole among the 65 properties owned by the company. Commenting on the published financial results, NAP Managing Director, Tobias Mynhardt said the company has provided growing income streams to investors since it’s listing in 2011.

“The board remains confident that the property portfolio is positioned to deliver growing income streams for the year ahead, continuing the trend of predictable and sustainable returns to investors established to date,” he said in a commentary. The commentary indicates that the increase in profits was driven by fair value adjustment of P112.9 million compared to P88.9 million in 2013. “This increase in valuations was attributable to growth in net rental income as well as a 99 basis point shift in the heightened average capitalisation rate,” states the commentary.