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Grit Real Estate Income Group Ltd - Pan-African property investment and management company - Net asset value grows annually as cites inflation-linked contracts. In the financial year that ended June 30, net asset value grows 4.1% to 79.4 US cents from 76.3 US cents a year prior. Raises total return target to between 13% and 15% per year from 12%. Declares total financial year dividend of 4.50 US cents, tripled from 1.50 US cents a year ago. Notes that inflation-linked contracts will support growth of revenue as they offset the impact of rising interest rates. The firm adds that it will begin a share buyback worth up to USD400,000 per calendar month in line between November 15, 2022 and May 15, 2023 to support liquidity.
Current stock price: 33.85 pence, up 7.4% on Friday
12-month change: down 3.3%
By Tom Budszus; tombudszus@alliancenews.com
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