Dawn Properties ups dividend

  • Declares ZWL5 cents dividend
  • Now qualifies as dividend paying
  • Time share rentals and rental increments from African Sun drive good performance

Harare – Investment property, holding, development and consultancy company Dawn Properties has increased its dividend to shareholders for the second half period of its financial year by 35% from the previously declared dividend in the first half period.

In a dividend announcement published on the ZSE, the company said, Dawn declared a dividend of ZWL0.0548 cents adding to the ZWL0.0407 cents that had been previously stated in the first half of 2019.

 “Notice is hereby given that on 07 February 2020, the Board of Directors of Dawn Properties Limited declared an interim dividend of ZWL$0.000548 (0.0548 ZWL$ cents per share payable in respect of all ordinary shares of the company.”

The dividend is payable out of the 2019 financial year profits to all shareholders of the company registered at close of business on 28 February 2020.

The company said the payment of the dividend will take place on or about 6 March 2020 and the shares of the company will be traded cum-dividend (“with dividend”) on the Stock Exchange up to the market day of 25 February 2020 and ex dividend as from 26 February 2019.

Non-resident shareholders tax and resident shareholder tax will be deducted from the gross dividends where applicable.

The company has a dividend yield of 8% which makes it qualify as a dividend stock.

Dawn properties registered a total revenue of ZWL$15.2 million in the third quarter ended 30 September 2019 from ZWL$6.4 million recorded in the previous quarter, a 138% increase.

The Group’s statement of financial position as at 30 September 2019 at ZW$614 million, registered a 1% growth on the 30 June 2019 position of ZW$610 million, and was also 520% higher than the ZW$99 million recorded as at 31 December 2018.

Dawn also launched its second housing project in the second half of the year. Marlborough Sunset Views is located in the West part of Marlborough and will consist of 354 residential stands measuring 2,000 square metres. We look forward to rolling out additional residential housing projects.

The company’s profitability for the remainder of the year is expected to be driven by good performance from the timeshare rentals and an increase in rentals from African Sun across all our properties during the December peak period.

Dawn Properties is engaged in owning investment property. The business is split into three units being investment property holding from which rental income is derived, property development and property consulting under Dawn Property Consultancy.

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