Skye Shelter Fund declares N7 dividend

By Michael Eboh
Skye Shelter Fund has announced a dividend of N7 for its unitholders in its December 31, 2009 financial year.

According to a statement by managers of country’s first publicly quoted fund, Skye Financial Services, the dividend represents an appreciation of 50.3 per cent from a dividend of N4.65 declared in the previous financial year.

The fund manager further stated that the total dividend represents 80 per cent of the fund’s net earnings in the year under review.
The company said that the dividend declaration follows an impressive performance recorded during the year.

It said, “Notwithstanding the difficult operating environment over the last two years, the fund has maintained a steady growth and consistent performance since inception.

This appears to be an indication of the attractiveness of real estate as a stable investment alternative. The Fund achieved a gross income of N251.4 million, while net income stood at N174.6million, an increase of 50.3 per cent compared to N114.6 million recorded the previous year.”

The fund managers further attributed the impressive result to pragmatic research-driven investment management decisions.

The Fund managers anticipate improved performance in the current year and have aggressively expanded the Fund’s portfolio of real estate investments with superior rental yield taking advantage of discounted prices in choice areas of Lagos and Abuja. It thus expects consistent and predictable cash flow for 2010.

In another development, Skye Shelter Fund, has acquired several units of three bedroom fully detached bungalows in the almost completed Maccido Royal Estate, Abuja.

According to the fund managers, Maccido Royal Estate is the product of a Public Private Partnership (PPP) between Federal Capital Development Authority (FCDA) and Okey Reliance Engineering & Construction Company Limited/Nekonini Business & Properties Limited.

“The Estate is located on 39 hectares of land at Cadastral Zone C07, Galadimawa District, off the Airport Road, Abuja.

The estate is about 45 minutes drive from the airport and 10 minutes drive from the National Stadium. The first phase of the project consists of 100 units of 3 bedroom detached bungalows, of which 90 per cent have been completed while 10 per cent is undergoing construction works.

“Each fully detached bungalow has a plot size of about 500 square meters with all room ensuite, visitor”s toilet, dining & sitting area, kitchen & store and a veranda among others.
“The managers of the Fund have expressed optimism at the investment”s ability to generate impressive returns for its investors,” he said.