| Safari Investments: Audited consolidated annual financial statements for the fifteen months Ended 30 June 2024, dividend declaration, distribution of the integrated Annual report, and notice of annual general meeting (“AGM”) |
| 1. SALIENT FEATURES |
| Safari changed its financial year-end from 31 March to 30 June, effective from the year ended 30 June 2024, to align the Group's financial reporting period with that of its ultimate holding company. The current reporting period covers fifteen months, while comparative figures, where relevant, refer to the twelve-month financial period ended 31 March 2023. |
| The Group recorded an operating profit of R381,696,000 for the fifteen-month financial period ended June 2024 before investment revenue, fair value adjustments, and finance costs (2023: R282,847,000). On a twelve-month like-for-like basis, the Group's operating profit increased by 15.9%. |
| The fair value of investment properties increased by 8,7% to R4,041 billion compared to the 31 March 2023 valuation of R3,720 billion. This increase is supported by Safari’s low vacancy rate of 2,49%, national tenants occupying 88% of the gross lettable area, a positive rental reversion ratio of 8,27%, and a healthy lease expiry profile. |
| The Group’s SA REIT loan-to-value ratio decreased from 35% to 33% while the SA REIT net asset value per share improved to R10,06 (2023: R9,15). |
| Through the successful restructuring of maturing debt facilities, the Group improved its overall weighted cost of debt margin for the reporting period by 39 basis points. |
| Earnings per share increased to 157 cents per share from 125 cents per share in FY2023 and headline earnings per share increased to 77 cents per share from 69 cents per share in FY2023. |
| With a third and final cash distribution of 17 cents per share declared, the total distribution for the fifteen-month financial period ending 30 June 2024 amounts to 78 cents per share. The distribution payout ratio remains 100%. |
| 2. DIVIDEND DECLARATION |
| respect of the fifteen months ended 30 June 2024 resulting in a total dividend of 78 cents per share for the 15 months. The final dividend amount, net of South African dividend tax of 20%, is 13,6 cents per share for those shareholders who are not exempt from dividend tax. The number of ordinary shares in issue at the declaration date, excluding treasury shares held by the Company, is 255 581 016. The income tax number of the Company is 9012/264/14/0. Shareholders are to refer to the full audited consolidated financial statements for the fifteen months ended 30 June 2024 for further details on tax implications. |
| The salient dates of the dividend declaration are: |
| Declaration date |
Thursday, 26 September 2024 |
| Last day to trade cum dividend |
Tuesday, 15 October 2024 |
| Trading ex-dividend commences |
Wednesday, 16 October 2024 |
| Record date |
Friday, 18 October 2024 |
| Date of payment |
Monday, 21 October 2024 |
|
| Share certificates may not be dematerialised or re-materialised between Wednesday, 16 October 2024, and Friday, 18 October 2024, both days inclusive. |
| For the full document click the link below:
Safari Investments |
