SAFARI INVESTMENTS (RSA) LIMITED - Reviewed consolidated interim financial results and dividend declaration for the 12 months ended 31 March 2024

Reviewed consolidated interim financial results and dividend declaration for the 12 months ended 31 March 2024

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")


REVIEWED CONSOLIDATED INTERIM FINANCIAL RESULTS AND DIVIDEND
DISTRIBUTION DECLARATION FOR THE 12 MONTHS ENDED 31 MARCH 2024


 1. SALIENT FEATURES

    -    Operating profit increased by 7% to R302,6 million (2023: R282,8 million).
    -    The occupancy factor improved to 97,62% (2023: 96,75%) based on a vacancy factor
         of only 2,38% (2023: 3,25%).
    -    The SA REIT net asset value per share increased by 8,63% to R9,94 per share (2023:
         R9,15 per share).
    -    Earnings per share increased by 2,03% to 127,95 cents per share (2023: 125,40 cents
         per share).
    -    A distribution of 31 cents per share is declared and the distribution payout ratio is
         100%. Together with the 30 cents per share declared for the six months ended
         September 2023, the total dividend in respect of the 12 months ended 31 March 2024
         amounts to 61 cents (2023: 65 cents) per share.
    -    Despite the increase in revenue, distributable earnings decreased compared to the
         prior 12 months primarily due to a substantial non-recurring insurance payout received
         in the prior period.

    Shareholders are referred to the reviewed consolidated interim financial results and
    dividend distribution declaration for the 12 months ended 31 March 2024 for complete
    details.

 2. DIVIDEND DECLARATION

    The Directors resolved to declare an interim gross dividend of 31 cents (2023: 32 cents)
    per share from income reserves. The dividend amount, net of South African dividend tax
    of 20%, is 24,80 cents (2023: 25,60 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 256 530 819 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                                          Wednesday, 19 June 2024
        Last day to trade cum dividend                               Tuesday, 9 July 2024
        Trading ex-dividend commences                             Wednesday, 10 July 2024
        Record date                                                  Friday, 12 July 2024
        Payment date                                                 Monday, 15 July 2024

    Shares may not be dematerialised or rematerialised between Wednesday, 10 July 2024
    and Friday, 12 July 2024, 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 reviewed consolidated interim financial
   results for the 12 months ended 31 March 2024 ("interim results") and does not contain
   full or complete details. The interim results are available on the JSE cloudlink at
   https://senspdf.jse.co.za/documents/2024/JSE/ISSE/SAR/HY24.pdf

   The interim results are also available for viewing on the Company's website at
   https://www.safari-investments.com/investor-relations.

   The interim results have been reviewed by the Company's auditor, BDO South Africa
   Incorporated, who has expressed an unmodified review opinion on the interim results,
   which along with the interim results is available for viewing on the Company's website.

   Any investment decisions by investors and/or shareholders should be based on
   consideration of the full interim results available on the JSE cloudlink and the Company's
   website, as a whole, as the information in this announcement does not provide all the
   details.
 
   Pretoria
   19 June 2024

   Sponsor
   Valeo Capital (Pty) Limited

Date: 19-06-2024 11:54:00
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