REIZ Managing Director: Robin P.S. Miller
Performance of the REIZ Group
REIZ has once more produced solid results despite some of the global and in-country challenges outlined above. As you will note from the Financial Statements, the positive effects of the acquisition of Arcades are beginning to work their way through into the results of the company. Whilst Group turnover has increased by 20% from K34.715 million to K41.707 million, net rental income has increased from K25.162 million in 2013 to K31.386 million in 2014 - an increase of 25%. The result of the revocation of SI33 are beginning to be reflected in operating profits.
As explained in the Managing Director’s Report profit after tax has substantially fallen from K127.22m in 2013 to K43.04m in 2014. This extra-ordinary fall is largely attributable to the accounting treatment of deferred tax. Shareholders will be aware that in previous years a charge for deferred tax was made to the income statement. As indicated in the 2013 Annual Report, with the introduction of a turnover tax, the basis upon which the deferred tax was made no longer applies, and
was reversed in 2013.
More details on these results and the Group’s property portfolio are provided in the Managing Director’s Report and in the Financial Statements.
2014 annual report