Revenue for the year increased to R524.8 million (2016: R453.3 million). Operating profit was higher at R327.2 million (2016: 253.5 million). Profit attributable to owners of the parent grew to R786.8 million (2016: R559.1 million). In addition, headline earnings per share came to 47 cents per share (2016: 45.9 cents per share).
It has always been the groups' policy not to declare any dividends. The board of directors has however decided to propose a dividend of 12.5 cents per share, considering the low gearing of the group. This suggests a dividend yield of 1.53% based on the share price as at 28 February 2017. As this dividend is not approved as yet, there is no provision for this dividend in these results. Should this dividend be paid, the group's gearing will increase to 5.8%.
Acsion's board remains confident that the group's growth objectives can be achieved despite the challenging economic operating environment. The group remains focused on the completion of its secured development pipeline over the next three years. Acsion will continue reinvesting in its existing portfolio and focus on its development expertise, or "value-engineering" approach, to ensure above average NAV growth. In addition, Acsion will explore further development opportunities in high-growth markets in the rest of Africa and Europe.