[Photo Courtesy: Glassdoor]
Centum real estate has recorded a 650 Million Shillings consolidated operating profit for the year ended March 31 2022, accruing from homes sales and development rights business lines.
Home sales achieved significant revenue growth to 1.8 billion shillings realized from 301 completed homes, up from 457M shillings generated from 96 completed homes in prior year.
As at 31st March 2022, residential business collected cash deposits of 6.6 billion shillings from a cumulative sale of 1,739 homes with a total sales value of 4.8 billion shillings.
The cash collected from residential customer deposits within the year increased to 2.8 billion shillings.
um real estate has reported a 650 Million Shillings consolidated operating profit for the year ended March 31, driven by profits from homes sales and development rights business lines.
Home sales achieved significant revenue growth to 1.8 billion shillings realized from 301 completed homes, up from 457M shillings generated from 96 completed homes in prior year.
As at 31st March 2022, residential business collected cash deposits of 6.6 billion shillings from a cumulative sale of 1,739 homes with a total sales value of 4.8 billion shillings.
The cash collected from residential customer deposits within the year increased to 2.8 billion shillings.
Even so, development rights sales generated Sh1.7billion from sale of 843 acres down from Sh2.5billiom realized from sale of 1,324 acres in prior year.
“Centum RE is well positioned to capture the unmet high growth affordable housing market opportunity driven by sustained population growth and high urbanization creating high residential demand with limited quality housing supply in East Africa. We expect development rights sales to be a key cash flow generator based on the level of expression interest received,” said Mbae.