NPRO: 1Q 2019 – Net profit of NOK 169.3 million and ordinary EPS of NOK 0.31

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Pre-tax profit came to NOK 220.3 million (NOK 141.7 million) for the first quarter. Net profit after tax for the period came to NOK 169.3 million, leading to an earnings per share (EPS) of NOK 0.31 for the first quarter. Net asset value (NAV) per share came to NOK 14.83 at 31 March 2019, up from NOK 14.59 at 31 December.

A strategic agreement regarding sale of the Pier X co-working concept has been signed with the international party, Huckletree. The sale will be accomplished in Q2 2019. Huckletree runs several co-working premises in England and Ireland, and this will be their first initiative outside the British Isles. NPRO will continue its focus on the Business Village co-working concept, which is more like ordinary office rental. 

The board of directors has approved a dividend of NOK 0.07 per share for the first quarter 2019, to be distributed to registered shareholders as of 22 May 2019 (the ex. date is 6 May 2019). The company has a goal of distributing a dividend between 30 and 50 per cent of ordinary result after tax payable, before fair value changes, i.e. the dividend basis. The dividend of NOK 0.07 per share for the first quarter amounts to 45 per cent of the dividend basis.

Webcast link (in Norwegian): 

For further information, please contact: 
Bent Oustad, CEO
Telephone: +47 48 01 60 82

This information is subject of the disclosure requirements according to § 5-12 of the Norwegian Securities Trading Act (“Verdipapirhandelloven”).

Norwegian Property is a focused and fully integrated office property company with properties located in the Oslo area and Stavanger in Norway. The portfolio is characterized by central location and attractive premises high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.

Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.