SAFARI INVESTMENTS (RSA) LIMITED - Unaudited interim financial results and dividend distribution declaration for the 6 months ended 31 December 2024

Unaudited interim financial results and dividend distribution declaration for the 6 months ended 31 December 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")


CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL RESULTS AND
INTERIM DIVIDEND DISTRIBUTION DECLARATION FOR THE SIX MONTHS ENDED 31
DECEMBER 2024


 1. SALIENT FEATURES ¹

     - Operating profit increased by 9,0% to R163,443,720 (2023: R149,944,540).
     - Occupancy remained strong at 97,9% (2023: 97,8%) based on a vacancy factor of only
       2,1% (2023: 2,2%).
     - Investment property increased by 10,7% to R4,203,300,000 (2023: R3,795,879,000).
     - The SA REIT net asset value per share increased by 14,7% to R10,55 per share (2023:
       R9,20 per share).
     - Earnings per share increased by 143,5% to 79,58 cents per share (2023: 32,68 cents
       per share)².
     - Headline earnings per share increased to 33,33 cents per share (2023: 32,68 cents
       per share).
     - A distribution of 34 cents per share is declared and the distribution payout ratio is
       100%.

    Shareholders are referred to the condensed consolidated unaudited interim financial
    results and dividend distribution declaration for the six months ended 31 December 2024
    for complete details.

    Notes:
    ¹ Due to Safari and its subsidiaries changing their financial year-ends from 31 March to
      30 June, effective from the year ended 30 June 2024, the prior comparative period refers
      to the six months ended 30 September 2023.
    ² Note that this increase is mainly due to a fair value adjustment on investment property
      in the current reporting period based on an external valuation done as at 31 December
      2024. No external valuation was undertaken in September 2023 and thus there was no
      fair value adjustment on investment property in the comparative period.

 2. DIVIDEND DECLARATION

    The Directors resolved to declare an interim gross dividend of 34 cents (2023: 30 cents)
    per share from income reserves. The dividend amount, net of South African dividend tax
    of 20%, is 27,20 cents (2023: 24 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 255 670 865 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                                             Friday, 28 February 2025
     Last day to trade cum dividend                               Monday, 17 March 2025
     Trading ex-dividend commences                                Tuesday, 18 March 2025
     Record date                                                  Thursday, 20 March 2025
     Payment date                                                 Monday, 24 March 2025

   Shares may not be dematerialised or rematerialised between Tuesday, 18 March 2025,
   and Thursday, 20 March 2025, 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 condensed consolidated unaudited
   interim financial results for the six months ended 31 December 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/2025/JSE/ISSE/SAR/HY25.pdf and are also
   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 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
 28 February 2025

 Sponsor
 Valeo Capital (Pty) Limited

Date: 28-02-2025 09:19:00
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