Vicinity Centres notches 64% jump in 1H profit, lifts dividend
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The news: Shopping centre group Vicinity Centres reported a 64% jump in first-half statutory net profit to $805.6 million as it tracked the top end of its full-year guidance.
The numbers: The result sailed past average forecasts of $454 million, according to Visible Alpha.
Funds from operations (FFO) lifted 1.3% year on year to 7.66 cents per share. Adjusted FFO was up 4.1%.
The company declared an interim distribution of 6.2 cents per share, up from 5.9 cents a year prior and in line with consensus estimates.
It expects FFO and adjusted FFO per share for FY26 to be around the top end of guidance of 15-15.2 cents and 12.8-30 cents respectively. The group also upgraded its comparable net property income growth guidance from 3% to 3.5%.
Vicinity chief executive Peter Huddle said the company is operating in an "environment of favourable retail sector fundamentals". Population growth and increased household spending, together with limited incremental retail floorspace, are collectively driving a growing shortage of retail gross lettable area per capita, he noted.
The source: ASX
