JSE-listed Balwin Properties has advised that its consolidated earnings a share for the year ended February 28, will increase by between 4% and 9% year-on-year to between 74.5c and 78.1c.
Consolidated core headline earnings a share for the year are expected to increase by between 12% and 17% year-on-year to between 80c and 83.6c apiece.
The board considers core headline earnings to be an appropriate indicator of the operating performance of the group as it adjusts for the one-off accounting impact of a black economic empowerment transaction undertaken in the year under review.
In terms of the transaction, a special purpose vehicle owned by black shareholders subscribed for 47-million newly issued Balwin shares at a subscription price of R4.55 apiece.
Meanwhile, the company sold and recognised revenue for about 2 900 apartments in the year under review, compared with the 2 546 apartments sold in the prior financial year.
A further 1 900 apartments have subsequently been pre-sold beyond the reporting period.
Balwin says the 2022 financial year was characterised by sustained strong demand, while average selling prices remained largely consistent with the prior financial year.
Balwin will release its results for the year on or about May 16.