Wrap Text
Consolidated audited results for the year ended 30 June 2025, cash dividend and outlook
HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP ISIN: ZAE000190724
JSE bond issuer code: HYPI
(Approved as a REIT by the JSE)
("Hyprop" or "the Company" or "the Group")
Consolidated Audited Results
For the year ended 30 June 2025 ("FY2025"), cash dividend and outlook
Strong results propel Hyprop into exceptional growth for FY2026
HEADLINES
Solid financial performance driven by
double-digit growth in South Africa
and Eastern Europe
- Exceptional growth of 24% in distributable income (in Euros) from EE portfolio
- 11% growth in operating income from SA portfolio
- Distributable income grows 7.5% to R1.51 billion
- Distributable income per share ("DIPS") exceeds guidance
- Total dividend for FY2025 up 9.9% to 307.7 cents per share
- Guidance of 10 to 12% increase in DIPS for FY2026
Ongoing strategic investments and extensive market expertise fuel both portfolios' success
SOUTH AFRICA ("SA") PORTFOLIO
- Tenants' turnover increased 5.5% to R28.4 billion
- Trading density grew 6.8%
- Overall reversion rate remains positive at 4.3%
- Launched new Checkers FreshX at Hyde Park Corner
- Somerset Mall Phase 2 expansion on track to be completed by July 2026
EASTERN EUROPE ("EE") PORTFOLIO
- Tenants' turnover increased 6.6% to Euro633 million
- Trading density grew 6.1%
- Retail vacancies remain low at 0.1%
ESG INITIATIVES YIELD POSITIVE IMPACT
- Rosebank Mall completed a dual-fuel
generator and battery storage project -
one of the largest commercial hybrid
energy systems in South Africa
- Completed the solar-PV installation at
Table Bay Mall (4 386kWp)
- Water saving training and monitoring
programme at the Gauteng centres
resulted in total saving of 53 165 kl
- Canal Walk, CapeGate, Somerset Mall,
The Glen, and Woodlands achieved
net zero waste status
- Recycling rate for the SA portfolio
improved to 77% compared to 68%
in FY2024
- The Hyprop Foundation and other CSI
initiatives contributed a total of
R16.6 million towards education and skills
development, community upliftment and
enterprise development initiatives
Strong balance sheet backed by robust liquidity
- Group LTV ratio improved to 33.6%
(FY2024: 36.4%)
- Strong liquidity position with R1.2 billion of cash
and R2.5 billion in available bank facilities
- Euro25 million (circa R500 million) reduction in
Euro borrowings in line with debt
amortisation/reduction strategy. EE portfolio
LTV reduced to 43.4%
- R808 million new capital raised
- Average cost of borrowings reduced to
9.0% in ZAR and 4.2% in EUR
2025 2024 % change
Net operating income (R'000) 1 603 283 1 304 590 22.9%
Headline earnings per share (cents) 307.5 299.5 2.7%
Basic earnings per share (cents) 569.3 274.3 107.5%
Distributable income per share (cents) 378.8 370.4 2.3%
Dividends per share (cents) 307.69772 280.00000 9.9%
Interim 113.43000 - -
Final 194.26772 280.00000 -
Net asset value per share (Rands) 61.49 60.32 1.9%
Outlook and prospects
The global economy in mid-2025 is facing
slower growth driven by rising trade tensions
and significant policy uncertainty. Inflation is
expected to decline from recent highs, although
core inflation is more persistent, and risks remain
from escalating trade barriers, conflicts, and climate
change impacts.
In South Africa, the political landscape remains
volatile, and the economy is characterised by
subdued growth, driven by persistent structural
issues such as infrastructure bottlenecks, low
investment, and logistical challenges. The improved
electricity supply has brought some relief, with a
positive impact on both retailers and consumers.
The Eastern European countries in which the
Group operates continue to grow, supported by
EU demand, interest rate cuts, and improved
industrial output. Bulgaria's adoption of the Euro
as its currency in 2026 is expected to provide
further stimulus to its economy and accelerate
structural reforms. The region continues to offer
good risk-adjusted returns, and the Group remains
optimistic about the prospects for the EE portfolio
and its expansion.
Hyprop's strong performance demonstrates our
resilience and steady progress in executing our
sound strategy, despite ongoing macroeconomic
challenges. The Group remains focused on its
strategy and the following five strategic initiatives:
1. Drive new and organic growth opportunities in
our focus areas
2. Accelerate the repositioning of the SA and EE
portfolios to strengthen their dominance and
grow market share
3. Annual reviews of the portfolios to ensure we
retain the right properties and/or recycle capital
where appropriate
4. Implement sustainable solutions to reduce the
impact of the infrastructure challenges we face
in South Africa
5. Ensuring our balance sheet is robust
The Group is exceptionally well positioned to
capitalise on the significant momentum it has built
over the last few years and anticipates an increase
of 10 to 12% in distributable income per share
from FY2025 to FY2026, based on the following
key assumptions:
- Forecast investment property income is
based on contractual rental escalations, and
market- related renewals;
- Appropriate allowances for vacancies and rent
reversions have been incorporated;
- Interest costs are expected to remain at current
levels and maturing borrowings are refinanced at
prevailing interest rates and margins;
- No further deterioration in the South African
economy;
- No major economic, socio-political or other
regional/global disruptions occur;
- No major corporate and/or tenant failures occur;
- No corporate transactions occur and/or new
shares are issued; and
- Exchange rates (which have not been hedged)
remain in line with those in June 2025.
Shareholders should note that the guidance above
is subject to change, certain assumptions may not
materialise, plans may change, and unanticipated
events and circumstances may affect the Group
strategy or the actions it takes.
The guidance has not been reviewed or reported on
by the Company's auditors.
Dividend declaration and settlement
Notice is hereby given that the Board has declared
a final dividend of 194.26772 cents per share for
the year ended 30 June 2025.
The dividend is payable to Hyprop shareholders in
accordance with the timetable set out below:
Last date to trade cum dividend
Tuesday, 7 October 2025
Shares trade ex dividend
Wednesday, 8 October 2025
Record date
Friday, 10 October 2025
Payment date
Monday, 13 October 2025
The above dates and times are subject to change.
Any changes will be released on SENS.
Share certificates may not be dematerialised
or rematerialised between Wednesday,
8 October 2025 and Friday, 10 October 2025,
both days inclusive.
In respect of dematerialised shareholders, the
dividend will be transferred to the Central Securities
Depository Participant ("CSDP") accounts/broker
accounts on Monday, 13 October 2025. Certificated
shareholders' dividend payments will be
posted on or about Monday, 13 October 2025.
Ordinary shares of no par value in issue at
30 June 2025: 399 419 089
Income tax reference number of Hyprop
Investments Limited: 9425177715
Shareholders are advised that the dividend meets
the requirements of a "qualifying distribution" for
the purposes of section 25BB of the Income Tax
Act, No 58 of 1962 (Income Tax Act). The dividends
on the shares will be taxable dividends for
South African tax purposes in terms of section
25BB of the Income Tax Act.
Tax implications for SA resident shareholders
Dividends received by or accrued to SA tax
residents must be included in the gross income
of such shareholders and will not be exempt
from income tax in terms of the exclusion to the
general dividend exemption contained in section
10(1)(k)(i)(aa) of the Income Tax Act because
they are dividends distributed by a REIT. These
dividends are, however, exempt from dividend
withholding tax (dividend tax) in the hands of
SA resident shareholders, provided that the
SA resident shareholders have provided to the
CSDP or broker, as the case may be, in respect of
uncertificated shares, or the company, in respect of
certificated shares, a DTD(EX) form (dividend tax:
declaration and undertaking to be made by the
beneficial owner of a share) to prove their status
as SA residents. If resident shareholders have not
submitted the above-mentioned documentation
to confirm their status as SA residents, they are
advised to contact their CSDP or broker, as the
case may be, to arrange for the documents to be
submitted before the dividend payment.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders
from a REIT will not be taxable as income and
instead will be treated as ordinary dividends, which
are exempt from income tax in terms of the general
dividend exemption section 10(1)(k) of the Income
Tax Act. Any dividend received by a non-resident
from a REIT is subject to dividend tax at 20%,
unless the rate is reduced in terms of any applicable
agreement for the avoidance of double taxation
(DTA) between SA and the country of residence
of the non-resident shareholder. Assuming
dividend tax will be withheld at a rate of 20%, the
net amount due to non-resident shareholders
is 155.4 cents per share. A reduced dividend
withholding tax rate in terms of the applicable
DTA may only be relied on if the non-resident
shareholder has provided the following forms to
their CSDP or broker, as the case may be, in respect
of uncertificated shares, or the company, in respect
of certificated shares:
- A declaration that the dividend is subject to
a reduced rate as a result of the application of
the DTA;
- A written undertaking to inform the CSDP,
broker or the company, as the case may be,
should the circumstances affecting the reduced
rate change or the beneficial owner cease to be
the beneficial owner, both in the form prescribed
by the Commissioner of the South African
Revenue Service.
If applicable, non-resident shareholders are advised
to contact the CSDP, broker or the company to
arrange for the abovementioned documents to be
submitted before the dividend payment, if such
documents have not already been submitted.
16 September 2025
This announcement is the responsibility of the directors and is only a summary of the information contained in the audited consolidated annual financial
statements for the year ended 30 June 2025 ("2025 AFS") and does not include full or complete details. Any investment decisions by investors and/or shareholders
should be based on the 2025 AFS. The 2025 AFS including the audit opinion of the external auditor, KPMG Inc, which sets out the key audit matters
and the basis for its unmodified opinion, has been released on SENS and is available on the
JSE website at https://senspdf.jse.co.za/documents/2025/jse/isse/HYPE/FY2025.pdf and on the
Company website at https://www.hyprop.co.za/results/annuals-2025/pdf/financial-statements.pdf.
Copies of the 2025 AFS may also be requested by emailing Boitumelo Nkambule at boitumelo@hyprop.co.za or from the Company's registered office.
Hyprop's summarised consolidated audited results for the year ended 30 June 2025 which includes directors' commentary have been published on the Company's
website at https://www.hyprop.co.za/results/annuals-2025/pdf/booklet.pdf
Corporate information
Directors S Noussis (Chairman)*†, MC Wilken (CEO)§, BC Till (CFO)§, AW Nauta (CIO)§, AA Dallamore*†, L Dotwana*†, KM Ellerine*, RJD Inskip*†, MRI Isaacs*†,
Z Jasper*†, BS Mzobe*† §Executive | *Non-executive | †Independent
Registered office 2nd Floor, Cradock Heights, 21 Cradock Avenue, Rosebank, 2196 Transfer secretaries Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196 Company secretary Fundiswa Nkosi Sponsor Java Capital, 6th Floor, 1 Park Lane, Wierda Valley,
Sandton, 2196 Investor relations Boitumelo Nkambule e. boitumelo@hyprop.co.za
Date: 16-09-2025 07:30:00
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