Acsion, a South african property developer and holdings company looks to expand its investment to Zambia with the construction of an office complex in Lusaka.
Founder and CEO, Kiriakos Anastasiadis, said yesterday that negotiations were on-going with a ‘landowner’ to co-develop an office space of up to 20 000m2 near Manda Hill Shopping Mall reported IOL.
He said the lusaka project aimed to take advantage of Zambia’s limited available infrastructure for multinational companies interested in expanding deeper into the Southern African region.
The 17 year old company has mastered significant growth in its portfolio with a number of residential projects like the Hyde Park Terrace and six shopping malls – with a total gross lettable area of 204 454m2 valued at K2.64bn – which includes the iconic [email protected] in Centurion and [email protected] in Mpumalanga, South Africa. Works on [email protected], Trade55, [email protected] and the multi-storey Acsiopolis have commenced with most of them expected to be completed By 2020.
Acsion announced a Net Asset Value (NAV) growth [which is the company’s primary delivery focus] of K1.35 to hit K8.93 in the financial year ended february 2016 from K7.58 the previous year – representing a 17.7% rise.
Revenue rose to K297.28m during the same period from K70.4m the previous year while Net profit after tax grew to K457m from K26.76m representing a 1600% rise.
Weighted headline earnings rose to 30.11n per share from 26.93n and Operational expenses rose by 276% to K138m from K36.7m. Its shares price on the Johannesburg Stock Exchange (JSE) closed monday at K5.9.
As Acsion prepares to push its investment into the Zambian market, its healthy growth and strong balance sheet may present a great investment opportunity for Zambian entrepreneurs and investors looking to take advantage of the country’s boom in infrastructure development.