Acorn Investment Management Limited (AIML) recorded a Kes 586 million profit for the half-year ended June 30, 2024, compared to Kes 474 million posted in a similar period last year.

AIML announced that the revenue came from the Acorn Student Accommodation Development REIT (ASA D-REIT) and the Acorn Student Accommodation Income REIT (ASA I-REIT).

The acquisitions of Qwetu Aberdare Heights II in Q1 of 2024 and Qwetu Hurlingham in September last year improved capacity, increasing the ASA I-REIT asset value by 44 percent to Kes 10.6 billion.

Similarly, the asset value of the ASA D-REIT increased by 11.5 percent to Kes 12.6 billion from Kes 11.3 billion in June 2023.

AIML acting Executive Director Mathew Maina said the performance underscores the resilience of the prudent asset management approach and a strategic focus on delivering quality student accommodation despite a challenging macroeconomic environment locally and globally.

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“The interim distribution of Kes 0.30 per unit by the ASA I-REIT, which is the 7th straight dividend paid by the REIT, reflects our unwavering commitment to delivering returns to our investors,” he said.

“As we advance through 2024, our focus will remain the delivery of ongoing projects on time and within budget while utilising mechanisms within our disposal to reduce the cost of debt across the operating portfolio to further enhance investor returns.”