Conygar Investment Company has announced a pre-tax profit of £7.8m for the year to September 2015, compared to 20.5m in 2014.
In a stock market announcement it said the main drivers of growth were a £2.7m increase in the value of its property portfolio, sales profits of £2.4m and net rental income of £8.5m.
It said that values in its property portfolio had risen 3% as the property market outside of London continued to improve.
Over the year the company sold nine assets for over £31m, while acquisitions included 9.6 acres of land at Haverfordwest, Pembrokeshire, for £3m and 10 acres at Cross Hands, Carmarthenshire, for £2.3m.
Chief executive Robert Ware said: “We believe that our medium term pipeline of development opportunities, along with our asset management initiatives and realisations of the investment properties will deliver further significant growth.”
Total portfolio value at the end of September was £133.2m.
