Revenue lowered to R855.4 million (R878.3 million) and operating profit increased to R519.4 million (R503.2 million). Profit attributable to Emira shareholders grew to R529.2 million (R451.7 million). In addition, headline earnings per share rose to 86.25 cents per share (65.44 cents per share ).
Dividend distribution declaration
The board has approved, and notice is hereby given that a gross interim dividend of 70.65 cents per share has been declared (Dec 2016: 68.93 cents), payable to the registered shareholders of Emira Property Fund Limited on 09 March 2018.
The groundwork for the responsible rebalancing of the FundÆs sectoral exposures has been laid notwithstanding the tough economic and political backdrop of the last six months. Emira is confident that shareholders will begin to experience enhanced returns as a result of these efforts. The Fund will continue to reduce its South African office exposure and will strategically increase its offshore exposure, as evidenced by its two post- balance sheet acquisitions made in the USA. With a more stable outlook expected for South Africa, shareholders can expect a similar growth rate in distributions for the next six-month period, and thereafter a resumption to a minimum of real growth in distributions for future periods. This guidance is provided on the assumption that current trading conditions will prevail. Forecast rental income is based on contractual terms, anticipated vacancy take-up and market-related renewals. This forecast has not been reviewed or reported on by EmiraÆs external auditors.