Redefine full-year revenue jumps 20.2% to R9.9bn
Joining CNBC Africa for more on the results is Andrew Konig CEO at Redefine Properties.
Mon, 06 Nov 2023 12:21:19 GMT
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AI Generated Summary
- Redefine Properties reports a 20.2% increase in full-year revenue, reaching R9.9 billion.
- CEO Andrew Konig believes that the property sector may have reached the bottom of the current cycle, citing signs of stabilization and improvement in key metrics.
- Despite challenges such as the pandemic, energy crisis, inflation, and high interest rates, Konig remains optimistic about Redefine's future growth prospects.
Redefine Properties, a leading property company, has reported a 20.2% increase in full-year revenue, reaching R9.9 billion. CEO Andrew Konig sat down with CNBC Africa to discuss the company's recent financial results and his outlook for the future. Konig expressed optimism that the property sector may have reached the bottom of the current cycle, citing signs of stabilization and improvement in key metrics. He highlighted the positive performance of Redefine's office sector, which saw a 3% increase in occupancy, signaling a potential turning point in the market. Konig also discussed the impact of the pandemic, energy crisis, inflation, and interest rates on the company's operations, noting that they have managed to weather these challenges and position themselves for future growth. Despite facing high levels of debt, Konig believes that Redefine will benefit significantly from a potential decrease in interest rates. Looking ahead, Konig projected a flat year for 2024, with 2025 potentially marking the beginning of an upswing in the market. Overall, Konig remains confident in Redefine's ability to navigate the current environment and capitalize on emerging opportunities.
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