Real Estate Investments Zambia (LUSE: REIZ) reported a 20% year-on-year increase in gross rental income to K42 million in financial year (FY) 2014:
Profit from operations were up 33% year-on-year.
However, year-on-year net income dropped significantly to K43 million primarily as a result of a one-off tax credit of K77 million taken in FY 2013 to comply with the introduction of a 10% final tax on gross rental income as per 2014 national budget:
REIZ’s stock price closed the year at K3.75, up 17% in 2014.
The Directors recommended a final dividend of K0.15 per share for FY 2014 (K0.08 in 2013) to be approved at the annual general meeting next month.
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *