Texaf, S.A. Reports Consolidated Earnings Results for the Year Ended December 31, 2016; Provides Earnings Guidance for 2017
February 24, 2017
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Texaf, S.A. reported consolidated earnings results for the year ended December 31, 2016. For the period, revenue from ordinary activities was EUR 18,392,000 against EUR 19,648,000 a year ago. Recurring operating result was EUR 6,953,000 against EUR 6,486,000 a year ago. Operating result was EUR 6,179,000 or EUR 1.74 per share against EUR 5,889,000 or EUR 1.66 per share a year ago. Result before tax (of continued operations) was EUR 5,428,000 against EUR 5,423,000 a year ago. Consolidated net result (Group's share) was EUR 5,454,000 or EUR 1.54 per share against EUR 5,456,000 or EUR 1.54 per share a year ago. Recurring EBITDA was EUR 9,740,000 against EUR 9,598,000 a year ago. Net financial debt had reached EUR 5.0 million at December 31, 2016, which represents 6.4% of equity at book value, compared to EUR 4.5 million at the end of 2015. Cash flow from operating activities was EUR 8,666,000 against EUR 6,819,000 a year ago.
The company also provided earnings guidance for 2017, current investments in the real estate branch will only produce rents in 2018, but rental revenues should nevertheless continue to grow beyond EUR 16 million in 2017 with the renting of the Clos des Musicien (33 apartments) project for a full year, and the same applies for the recurring operating result. Given the lack of road projects and the sluggishness of investments, CARRIGRES is anticipating turnover and a result of the same order as in 2015.
Texaf S.A. - Société Financière et de Gestion is a holding company organized around 2 areas of activity:
- ownership and leasing of real estate assets (80.5% of net sales): residential and business properties located in Kinshasa. At the end of 2022, real estate assets amounted to EUR 119.6 million in market value;
- production of sandstone crushers (19.5%).
In addition, the group invests in companies operating in the field of digital technology.
All sales are in the Democratic Republic of Congo.