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Reviewed condensed consolidated financial statements for the year ended 31 March 2025 and cash dividend declaration
Southern Sun Limited
Incorporated in the Republic of South Africa
Registration number 2002/006356/06
Share Code: SSU ISIN: ZAE000272522
("Southern Sun" or "the group" or "the company")
Reviewed condensed consolidated financial statements for the year ended 31 March 2025 and cash dividend declaration
Financial results
- Income up by 9% to R6.6 billion
- Occupancy up 2.2pp to 60.8%
- Ebitdar up 14% to R2.2 billion
- Adjusted headline earnings per share up 34% to 75.6 cents
- Net debt reduced to R266 million
- Dividend doubling to 25.0 cents per share
Supplementary information
2025 2024 %
Reviewed Audited Change
Income (Rm) 6 609 6 047 9
Ebitdar (Rm) 2 169 1 902 14
Attributable earnings for the year (Rm) 1 024 856 20
Adjusted headline earnings for the year (Rm) 1 014 783 30
Basic earnings per share (cents) 76.4 61.7 24
Basic headline earnings per share (cents) 74.8 56.2 33
Basic adjusted headline earnings per share (cents) 75.6 56.4 34
Dividend per share (cents) 25.0 12.5 100
Operational review
The group is pleased to announce strong financial performance for the year ended 31 March 2025, driven by robust
trading in the Western Cape and notable growth in Gauteng.
The 12% increase in operating profits together with finance cost savings has resulted in a 30% growth in adjusted
headline earnings for the year ended 31 March 2025 to R1.0 billion (2024: R783 million). The 3% reduction in the weighted
average number of shares still reflects the impact of the share buyback implemented in 2024 and the resultant adjusted
headline earnings per share (AHEPS) is 75.6 cents (2024: 56.4 cents), an increase of 34%.
Prospects
The complete cost restructuring undertaken during 2021 enabled the group to deliver 14% Ebitdar growth from 9% income
growth. The recovery of occupancies to the group's long-term average, especially in regions that have underperformed in
the current year, presents an opportunity in the medium term.
Looking ahead, the group intends to maintain the dividend payout ratio of approximately 33% of AHEPS and, in the
absence of major expansion capex, will continue to apply available cash resources towards share buybacks when appropriate.
Dividend
Southern Sun's board of directors has declared a dividend number 2 of 25.0 cents per share for the year ended
31 March 2025. The dividend will be subject to Dividend Tax. In accordance with paragraphs 11.17(a)(i) to (ix)
and 11.17(c) of the JSE Listings Requirements the following additional information is disclosed:
- The dividend has been declared out of distributable reserves;
- The local Dividend Tax rate is 20% (twenty per centum);
- The gross local dividend amount is 25.00000 cents per ordinary share for shareholders exempt from the Dividend Tax;
- The net local dividend amount is 20.00000 cents per ordinary share for shareholders liable to pay the Dividend Tax;
- The company currently has 1 342 936 721 ordinary shares in issue as at declaration date; and
- The company's income tax reference number is 9878091140.
Shareholders are advised of the following dates:
Last date to trade cum dividend Tuesday, 10 June 2025
Shares commence trading ex-dividend Wednesday, 11 June 2025
Record date Friday, 13 June 2025
Payment of dividend Tuesday, 17 June 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 11 June 2024 and Friday, 13 June 2024,
both days inclusive.
Short-form announcement
This short-form announcement is the responsibility of the board of directors of Southern Sun. This short-form
announcement is a summary of the full announcement released on SENS on 21 May 2025 and does not include full or complete
details. The information contained in this announcement has not been reviewed or reported on by the company's auditors.
The condensed consolidated financial statements for the year ended 31 March 2025 have been reviewed by Deloitte & Touche,
and their unmodified review conclusion is included on page 6 of the full announcement. The full announcement is
available on the company's website www.southernsun.com/investors/financial-reports and can also be accessed using the
following JSE link: https://senspdf.jse.co.za/documents/2025/jse/isse/SSUE/YE25.pdf
A copy of the full announcement may be requested from companysecretary@southernsun.com. Any investment decisions by
shareholders should be based on a consideration of the full announcement, which shareholders are encouraged to view on
SENS and on the company's website.
This announcement contains forward-looking statements and information in relation to the group. By its very nature,
such forward-looking statements and information require the company to make assumptions that may not materialise or that
may not be accurate. Such forward-looking information and statements involve known and unknown risks, uncertainties and
other important factors beyond the control of the company that could cause the actual performance or achievements of the
company to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking information and statements. Past share performance cannot be relied on as a guide to future performance.
Forward-looking statements speak only as at the date of the announcement and no statement is intended to be a profit
forecast. Forward-looking statements are the responsibility of the board and have not been reviewed and reported on by
the external auditors in accordance with ISAE 3400 - The Examination of Prospective Financial Information.
21 May 2025
JSE Equity Sponsor
Investec Bank Limited
Date: 21-05-2025 07:05:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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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.
