DIPULA INCOME FUND LIMITED - Reviewed condensed consolidated financial results for the year ended 31 August 2024

Reviewed condensed consolidated financial results for the year ended 31 August 2024

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")

REVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS
FOR THE YEAR ENDED 31 AUGUST 2024

Salient features
- Revenue R1 487 million (2023: R1 395 million)
- Distributable earnings per ordinary share 54.39590 cents (2023: 56.96098 cents)
- Dividend per ordinary share 48.95631 cents (2023: 51.26488 cents)
- Basic earnings per ordinary share 84.95 cents (2023: 65.41 cents)
- Headline earnings per ordinary share 49.32 cents (2023: 55.78 cents#)
- NAV per ordinary share R6.98 (2023: R6.64)
- Attributable comprehensive income R774 million (2023: R588 million)
# Comparative figures for the year ended 31 August 2023 have been restated to account for the
  correct treatment of the Fair value straight line rental income accrual in accordance with the
  recommendations of SAICA Circular 1/2023.

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.

PAYMENT OF DIVIDEND
The board has approved, and notice is hereby given of a final gross dividend (dividend number 25) for the
period 1 March 2024 to 31 August 2024 of 24.37996 cents per ordinary share.

The dividend is payable to Dipula shareholders in accordance with the timetable set out below:
Last day to trade cum dividend                    Tuesday, 3 December 2024
Shares trade ex-dividend                        Wednesday, 4 December 2024
Record date                                        Friday, 6 December 2024
Payment date                                       Monday, 9 December 2024

Share certificates may not be dematerialised or rematerialised between Wednesday, 4 December 2024
and Friday, 6 December 2024, both days inclusive. The dividend will be transferred to dematerialised
shareholders' CSDP accounts/broker accounts on Monday, 9 December 2024.

TAX TREATMENT
An announcement relating to the tax treatment of the distribution to shareholders will be released on
SENS separately.

REVIEW CONCLUSION
The auditor, Forvis Mazars, has issued an unmodified review conclusion report on the reviewed condensed
consolidated financial results for the year ended 31 August 2024. Copies of the auditor's report will be
made available for inspection at the Company's registered office during office hours.

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 reviewed condensed consolidated financial results for the year
ended 31 August 2024 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 Dipula's website at:
https://dipula.co.za/content/uploads/2024/11/Reviewed-annual-financial-results-31-Aug-2024.pdf
and on the JSE's website at: https://senspdf.jse.co.za/documents/2024/JSE/ISSE/DPL/FY2024.pdf

Johannesburg

13 November 2024

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
S Moodley (FD)
Z Adams*
BH Azizollahoff*#
N Khoele*
K Teeroovengadum*^
* Independent non-executive
# British
^ Mauritian

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

Transfer secretaries
JSE Investor Services

Sponsor
Java Capital

Company secretary
Acorim

Independent auditors
Forvis Mazars






Date: 13-11-2024 08:00:00
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