Hyprop increases FY dividend 15%

Property company Hyprop increases its full-year dividend to end June by 15%

The property group announced on Tuesday total revenue and distributable earnings from investment property increased by 11.9% and 14.5% respectively.

The group benefited from increased income from Rosebank Mall‚ the inclusion of income from Somerset Mall‚ acquired on October 1 2013‚ for the full year and tight control of operating expenses.

Like-for-like revenue and distributable earnings from investment property increased by 6.5% and 8.1% respectively.

Distributable earnings from the investments in sub-Saharan Africa (excluding SA) increased by 20.8% to R42.4m‚ in part due to income from Manda Hill in Lusaka‚ Zambia‚ and West Hills Mall in Accra‚ Ghana.

Hyprop expects dividend growth of about 10% for the full year to June 30 2016.

At 9.24am Hyprop’s share price was down 0.81% at R123.