Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (read from the page image) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review
SFS REIT
On this page
Company details
- Legal name
- SFS Real Estate Investment Trust
- Listing
- SFSREIT on the Nigerian Exchange, active · ISIN NGSKYESHELT8 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2024 · annual report, final status not established · source
Read with these figures
- Annual report not confirmed as final. The published copy is undated. The FY2024 figures come from it.
Full wording and sources
Annual report for 2024: final status not established
The independent auditors' report is signed (handwritten) by Oladeinde Odunsanya, FCA (FRC/2013/ICAN/00000003192) for DoC Advisory with the ICAN seal (PDF p19, page image), but its date is printed as 'March, 2025' with no day. The statement of financial position states approval by the board of directors (of the fund manager) on January 27, 2025 and is signed (handwritten) by the managing director, a director and the executive director (PDF p20, page image).
Source: SFS Real Estate Investment Trust 2024 Annual Report & Accounts (dated 2025-03-27)
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Revenue
Not reported in this filing
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Operating profit / (loss)
Not reported in this filing
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Profit / (loss) for the year
NGN 477 million
477,091 NGN thousands · p21
+50.3% vs 2023
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Total assets
NGN 3.47 billion
3,472,873 NGN thousands · p20
+5.2% vs 2023
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Total equity
NGN 2.78 billion
2,780,664 NGN thousands · p20
+7.2% vs 2023
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Cash from operations
NGN 336 million
335,919 NGN thousands · p22
−24.3% vs 2023
Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2024 — annual report, final status not established; reported for the year · source
- FY2023 — annual report, final status not established; comparative in the FY2024 filing · source
Income statement
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Interest income | 176,599 | 147,730 |
| Profit on disposal of investment property1 | 172,411 | 57,661 |
| Rental income2 | 205,903 | 190,026 |
| Total income | 554,913 | 395,417 |
| Total operating expenses | (77,822) | (77,914) |
| Net income | 477,091 | 317,503 |
Notes and alternative reported figures (2)
- “Profit on disposal of investment property” is an issuer-specific line, not mapped to a shared definition: Income line (note 4).
- “Rental income” is an issuer-specific line, not mapped to a shared definition: Income line (note 4).
Balance sheet
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Investment properties | 1,978,793 | 1,968,950 |
| Non-current Assets | 1,978,793 | 1,968,950 |
| Cash and cash equivalents | 1,026,977 | 755,421 |
| Investment in securities1 | 465,593 | 574,471 |
| Other receivables | 421 | 49 |
| Prepaid expenses | 1,089 | 1,134 |
| Current Assets | 1,494,079 | 1,331,075 |
| Total Assets | 3,472,873 | 3,300,025 |
| Payables & accruals | 573,234 | 583,970 |
| Deferred income2 | 118,975 | 122,482 |
| Total liabilities | 692,209 | 706,452 |
| Net Assets | 2,780,664 | 2,593,573 |
| Unitholders' equity3 | 2,000,000 | 2,000,000 |
| Revenue reserve | 780,664 | 593,573 |
| Unitholders' Equity | 2,780,664 | 2,593,573 |
Notes and alternative reported figures (3)
- “Investment in securities”: mapping to a shared definition is uncertain. Investment in securities presented among current assets (note 9). OCR reads the thousands commas of this light italic face as full stops; read on the page render.
- “Deferred income”: mapping to a shared definition is uncertain. Deferred (rental) income received in advance (note 13). OCR reads the thousands commas of this light italic face as full stops; read on the page render.
- “Unitholders' equity” is an issuer-specific line, not mapped to a shared definition: Note 14: units issued (capital).
Cash flow
| Line (as printed) | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|
| Net Income for the year1 | 477,091 | 317,503 |
| Profit on investment property disposed2 | (172,411) | (57,661) |
| (Increase)/Decrease in prepayments & receivables3 | (327) | –4 |
| Increase/ (Decrease) in payables & accruals5 | 31,566 | 183,980 |
| Net cash generated from operating activities | 335,919 | 443,822 |
| Investment property purchased (new Investments)6 | (89,843) | (426,550) |
| Proceeds on disposal of property7 | 252,411 | 335,651 |
| Investment in securities8 | 108,878 | 855 |
| Unclaimed distribution9 | (45,809) | 11,237 |
| Net cash (used in) investing activities | 225,637 | (78,807) |
| Distribution paid | (290,000) | (169,000) |
| Net cash used in from financing activities | (290,000) | (169,000) |
| Increase in cash and cash equivalents | 271,556 | 196,015 |
| Cash and cash equivalents at the beginning of the year | 755,421 | 559,406 |
| Cash and cash equivalents at the end of the year | 1,026,977 | 755,421 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
Notes and alternative reported figures (8)
- “Net Income for the year” is an issuer-specific line, not mapped to a shared definition: Opening line of the operating activities: the year's net income.
- “Profit on investment property disposed” is an issuer-specific line, not mapped to a shared definition: Operating activities: non-cash adjustment.
- “(Increase)/Decrease in prepayments & receivables” is an issuer-specific line, not mapped to a shared definition: Operating activities.
- “Increase/ (Decrease) in payables & accruals” is an issuer-specific line, not mapped to a shared definition: Operating activities.
- “Investment property purchased (new Investments)” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds on disposal of property” is an issuer-specific line, not mapped to a shared definition: Investing activities: investment property.
- “Investment in securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Unclaimed distribution” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 7b).
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2024 | Dividend proposed per share, as printed in a statement | Proposed final distribution per unit (N)OCR reads the thousands commas of this light italic face as full stops; read on the page render. |
21.50 | NGN per share | Annual report, p21 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Distribution paid |
(290,000) | NGN thousands | Annual report, p22 |
| 31 Dec 2023 | Dividend proposed per share, as printed in a statement | Proposed final distribution per unit (N)OCR reads the thousands commas of this light italic face as full stops; read on the page render. |
14.50 | NGN per share | Annual report, p21 |
| 31 Dec 2023 | Dividends paid (cash flow statement) | Distribution paid |
(169,000) | NGN thousands | Annual report, p22 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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SFS Real Estate Investment Trust 2024 Annual Report & Accounts
Year ended 31 December 2024 · Annual report · final status not established
Audit: DoC Advisory (Chartered Accountants), unmodified opinion · signed
Auditor's sign-off: Oladeinde Odunsanya, FCA (FRC/2013/ICAN/00000003192), for DoC Advisory
Final status: The independent auditors' report is signed (handwritten) by Oladeinde Odunsanya, FCA (FRC/2013/ICAN/00000003192) for DoC Advisory with the ICAN seal (PDF p19, page image), but its date is printed as 'March, 2025' with no day. The statement of financial position states approval by the board of directors (of the fund manager) on January 27, 2025 and is signed (handwritten) by the managing director, a director and the executive director (PDF p20, page image).
- Document date
- none printed — undated
- Published
- 27 Mar 2025
- Auditor's report
- date left blank in this document
- Board approval
- 27 Jan 2025
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2024, FY2023
- Basis
- company statements · NGN thousands (printed “N'000”)
- Current assets 2024 are printed 1,494,079 while the four lines add to 1,494,080, and total assets 3,472,873 against 3,472,872 from the two subtotals (p20). Kept as printed. The statement of profit or loss's page heading reads 'AS AT DECEMBER 31,2024' (p21).
- Scanned document: the text layer holds only cover words (p1); no hidden figures.
- The auditor's report date shows only the month ('March, 2025', p19); the board approval date printed on the statement of financial position is January 27, 2025 (p20).
Technical details
- File
- 53 pages, scanned (figures read by OCR and checked against the page image)
- SHA-256
dae39849a882d166be14b53ae8dff4e343bc83377e9dd7744f98d4fe59d98e2a- Entity as printed
- SFS Real Estate Investment Trust (SFS REIT), managed by SFS Capital Nigeria Limited; trustee Apel Capital and Trust Limited
- Exchange copy
- retrieved 2026-10-08T18:05:13Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (read from the page image) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
Download
Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.