SFS REIT grows net income by 50%, raises dividend to N21.50 per unit

SFS Real Estate Investment Trust (SFS REIT) recorded strong financial performance in the 2024 financial year, reporting a 50.26% increase in net income to N477.09 million. The growth was driven by rental income, strategic property disposals, and interest income.

The improved earnings led to a dividend payout of N21.50 per unit, up 48.28% from N14.50 in 2023. Gross revenue for the year rose to N554.91 million from N395.42 million in the previous year.

The fund manager attributed the performance to stable rental income and focused asset management.

“This year’s performance reflects our strategy of disciplined asset management and sustainable income generation. We remain focused on enhancing returns while preserving investor capital,” the firm said.

SFS REIT’s properties, serviced apartments and duplexes located in Chevron, VGC, Awoyaya, and Osapa-London, recorded high occupancy levels and consistent rental collections.

As of the end of the financial year, the REIT’s Net Asset Value stood at N2.78 billion, representing a 7.21% growth. The total return for investors, combining dividends and capital appreciation, reached 98.27%.

SFS REIT says it will continue to focus on generating income and capital growth for unitholders while managing assets within market conditions.

Taofeek Oyedokun

Taofeek Oyedokun is a correspondent at BusinessDay with years of experience reporting on political economy, public policy, migration, environment/climate change, and social justice. A graduate of Political Science from the University of Lagos, he has also earned multiple professional certificates in journalism and media-related training. Known for his clear, data-driven reporting, Oyedokun covers a wide range of national and international socioeconomic issues, bringing depth, balance, and public-interest focus to his work.