DIPULA INCOME FUND LIMITED - Unaudited condensed consolidated interim results for the six months ended 28 February 2023

Unaudited condensed consolidated interim results for the six months ended 28 February 2023

Dipula Income Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIB
ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the Company")

Short-form announcement:
Unaudited condensed consolidated interim financial results
for the six months ended 28 February 2023

SALIENT FEATURES*
- Revenue R691.5 million (2022: R677.4 million)
- Distributable earnings per B ordinary share 28.71883 cents (2022: 42.21706 cents)
- Dividend per B ordinary share 25.84695 cents (2022: 42.21706 cents)
- Basic earnings per B ordinary share 28.52 cents (2022: 36.35 cents)
- Headline earnings per B ordinary share 27.98 cents (2022: 35.88 cents)
- NAV per B ordinary share R6.58 (2022: R10.39)
- Net profit before finance cost R418.7 million (2022: R473.6 million)
- Attributable comprehensive income R254.9 million (2022: R324.9 million)
* The comparative figures shown are for the Dipula B-shares in issue prior to the
  implementation by the Company of the Capital Restructure, as detailed below.

Business overview
Dipula is an internally managed, South Africa focused Real Estate Investment Trust ("REIT")
that owns a portfolio of retail, office, industrial and residential property assets throughout
South Africa, with the majority of the portfolio located in Gauteng. Dipula's strategy is to
own a defensive portfolio with a bias towards convenience, rural and township retail centres.
The portfolio has yielded a solid performance since listing. The company continuously
repositions the portfolio to adapt to changing market dynamics.

Capital restructure
Shareholders are reminded that Dipula implemented a scheme of arrangement (the "Scheme")
on 6 June 2022, repurchasing all of the Dipula A-shares in issue in consideration for the
issue of 2.4 Dipula B-shares for every Dipula A-share held. Dipula's issued share capital on
28 February 2023 consisted of 893 664 473 ordinary shares net of treasury shares and
appraisal rights shares in terms of the Scheme compared to 264 641 319 Dipula A-shares
and 264 641 319 Dipula B-shares on 28 February 2022. The figures reported for this period
may therefore not be comparable to prior reporting periods.

Payment of dividend
The board has approved, and notice is hereby given of the interim gross dividend (dividend
number 22) for the period 1 September 2022 to 28 February 2023 of 25.84695 cents per
ordinary share.

Dipula shareholders will be offered an election, in respect of all or part of their shareholding,
to re-invest the cash dividend of 25.84695 cents per ordinary share in return for shares
(the "re-investment option"). By electing to participate in this re-investment option,
shareholders will be able to increase their shareholding in Dipula without incurring dealing
costs. In turn, Dipula will benefit from an increase in the amount of shareholders' funds
available to support continued growth.

Further details regarding the re-investment option, including the manner in which the
number of ordinary shares to which a participating shareholder is entitled and the action to
be taken by shareholders in order to participate in the re-investment option, will be set out
in a circular to shareholders to be issued on 17 May 2023, and a separate announcement
in this regard will be released on SENS.

Tax treatment
An announcement relating to the tax treatment of distributions to shareholders will be
released on SENS separately.

Short-form announcement
The contents of this short-form announcement are the responsibility of the board of directors
of Dipula. The information above is extracted from the unaudited condensed consolidated
interim results for the six months ended 28 February 2023 and does not contain full or
complete details of the financial results. Any investment decisions made by investors should
be based on consideration of the full announcement which is available for viewing on the
Company's website at:
https://dipula.co.za/content/uploads/2023/05/interim-results-feb-2023.pdf
and on the JSE's website at:
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/DPL/HY2023.pdf

Copies of the full announcement may also be inspected at the registered office of the
Company and the offices of its sponsor, at no charge, during office hours from Wednesday,
17 May 2023 to Wednesday, 24 May 2023.

Johannesburg
17 May 2023

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
S Moodley (FD)
Z Adams*
BH Azizollahoff*#
N Khoele*
E Links*
K Teeroovengadum
Y Waja*
SA Halliday*
* Independent non-executive
# British

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
JSE Investor Services

Sponsor
Java Capital

Company secretary
Acorim

Independent auditors
Mazars Gauteng






Date: 17-05-2023 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.