SAFARI INVESTMENTS (RSA) LIMITED - Interim financial results and interim dividend distribution declaration for the period ended 30 September 2023

Interim financial results and interim dividend distribution declaration for the period ended 30 September 2023

SAFARI INVESTMENTS RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2000/015002/06)
Share code: SAR
ISIN: ZAE000188280
(Approved as a REIT by the JSE)
("Safari" or "the Company")


CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL RESULTS AND INTERIM DIVIDEND DISTRIBUTION 
DECLARATION FOR THE PERIOD ENDED 30 SEPTEMBER 2023


 1. SALIENT FEATURES

    -   Operating profit increased by 8,15% to R149,9 million (2022: R138,6 million).

    -   The occupancy factor remained strong at 97,8% (2022: 97,09%) based on a vacancy
        factor of 2,23% (2022: 2,91%).

    -   The net asset value per share increased by 6,42% to R9,45 per share (2022: R8,88).

    -   The SA REIT net asset value per share increased by 7,48% to R9,20 per share (2022:
        R8,56 per share).

    -   Headline earnings per share decreased by 13,8% to 32,68 cents per share (2022:
        37,93 cents per share).

    -   Earnings per share decreased by 13,8% to 32,68 cents per share (2022: 37,93 cents
        per share).

    -   Distribution per share decreased by 9,09% to 30 cents per share (2022: 33 cents per
        share) and the distribution pay-out ratio is 100%.

        Despite the increase in revenue, distributable earnings decreased compared to the
        comparative interim period due to a substantial non-recurring insurance pay-out
        received in the prior period; the surge in interest rates; as well as other irregular
        expense items. If the non-recurring insurance event is excluded, the core distribution
        shows an increase compared to the comparative prior reporting period. Refer to the
        condensed consolidated unaudited interim financial results for the year ended 30
        September 2023 ("Interim Results") for complete details.

 2. DIVIDEND DECLARATION

    The board of directors of the Company ("Directors") resolved to declare an interim gross
    dividend of 30 cents (2022: 33 cents) per share from income reserves in respect of the
    six months ended 30 September 2023.
  
    The dividend amount, net of South African dividend tax of 20%, is 24 cents (2022: 26,4
    cents) per share for shareholders who are not exempt from dividend tax.

    As at the declaration date, the issued share capital of Safari, excluding treasury shares
    held by the Company, is 256 972 946 ordinary shares of no-par value. The income tax
    number of the Company is 9012/264/14/0.

    The salient dates of the dividend declaration are:

    Declaration date                             Thursday, 16 November 2023
    Last day to trade cum dividend               Tuesday, 5 December 2023
    Trading ex-dividend commences                Wednesday, 6 December 2023
    Record date                                  Friday, 8 December 2023
    Payment date                                 Monday, 11 December 2023

    Shares may not be dematerialised or rematerialised between Wednesday, 6 December
    2023 and Friday, 8 December 2023, both days inclusive.

3. SHORT-FORM ANNOUNCEMENT

   This short-form announcement is the responsibility of the Directors of the Company. It
   contains only a summary of the information in the Interim Results and does not contain
   full or complete details. The Interim Results are available on the JSE website at
   https://senspdf.jse.co.za/documents/2023/JSE/ISSE/SAR/HY24.pdf.

   Copies of the Interim Results are available for viewing on the Company's website at
   https://www.safari-investments.com/investor-relations.

   Any investment decisions by investors and/or shareholders should be based on
   consideration of the full Interim Results, as the information in this announcement does not
   provide all the details.

   The Interim Results have not been reviewed or audited by the Company's auditor.

   Pretoria
   16 November 2023

   Sponsor
   Valeo Capital (Pty) Limited

Date: 16-11-2023 09:00:00
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