NAIROBI, Kenya, July 31 – Acorn Investment Management Limited (AIML) has announced a Sh586 million profit for the half year ended June 30, 2024.
This represents a 24 percent growth compared to a profit of Sh474 million during a similar period in 2023.
The revenue came from the Acorn Student Accommodation Development REIT (ASA D-REIT) and the Acorn Student Accommodation Income REIT (ASA I-REIT).
Acquisitions of Qwetu Aberdare Heights II in Q1 of 2024 as well as Qwetu Hurlingham in September last year improved capacity, increasing ASA I-REIT asset value by 44 percent to Sh10.6 billion.
Likewise, the asset value of the ASA D-REIT increased by 11.5 percent to Sh12.6 billion from Sh11.3 billion in June 2023.
“Despite a challenging macro-economic environment locally and globally, this performance underscores the resilience of the PBSA asset class, the prudent asset management approach and a strategic focus to delivering quality student accommodation,” AIML acting Executive Director Mathew Maina.
“The interim distribution of KES. 0.30 per unit by the ASA I-REIT, which is the 7th straight dividend paid by the REIT, reflects our unwavering commitment to delivering returns to our investors,” he said.
“As we advance through 2024, our focus will remain the delivery of ongoing projects on time and within budget while utilising mechanisms within our disposal to reduce the cost of debt across the operating portfolio to further enhance investor returns.”
