Kiwi Property reports 218.4% profit increase

Kiwi Property has reported a 218.4% increase in net profit after tax for the six months ended September 30, 2024.

The company's net rental income rose by 7%, while operating profit before tax increased by 7.7%.

However, adjusted funds from operations were down 0.4%.

Net tangible assets per share decreased by 0.7% to $1.17.

The company declared an interim dividend of 2.7 cents per share, a 5.3% decrease.

Kiwi Property's portfolio was valued at $3.3 billion as of September 30, 2024, with a fair value gain of 0.3% from March 31, 2024.

The company reiterated its dividend guidance of 5.4 cents per share for the 2025 financial year.