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SAFARI INVESTMENTS (RSA) LIMITED - Condensed Audited Annual Financial Results, Dividend Distribution Declaration And Notice of AGM

Release Date: 29/06/2022 09:00
Code(s): SAR     PDF:  
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Condensed Audited Annual Financial Results, Dividend Distribution Declaration And Notice of AGM

SAFARI INVESTMENTS (RSA) LIMITED
Approved as a REIT by the JSE Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2000/015002/06)
Share code: SAR | ISIN: ZAE000188280
(“the Company” or “the Group”)


CONDENSED AUDITED ANNUAL FINANCIAL RESULTS, DIVIDEND DISTRIBUTION DECLARATION,
DISTRIBUTION OF THE INTEGRATED ANNUAL REPORT AND NOTICE OF AGM FOR THE YEAR
ENDED 31 MARCH 2022


1.   SALIENT FEATURES

     The Group recorded a 14% increase in operating profit, before investment revenue, fair value
     adjustments and finance costs for the year (“FY2022”) of R245 144 350 compared to R215 230 760 in
     the prior year (“FY2021”).

     Property revenue increased by 14% to R365 478 373 compared to property revenue of R320 898 551
     in FY2021.

     The monthly weighted average gross rental per square metre of the portfolio improved to R171 per
     square metre compared to R149 per square metre in FY2021.

     Property expenses as a percentage of property revenue improved to 26% compared to 27% in the
     prior year while the total SA REIT cost to income ratio improved to 35% from 36% in FY2021.

     Valuation of the Group’s property portfolio increased to a total of R3,54 billion (FY2021: R3,46 billion).
     A positive reversion rate of +1.15% was achieved while tenant retention on lease expiries remained
     strong at 89%.

     The defensive and dominant nature of the Group’s assets resulted in a reduced vacancy factor of 1.9%
     compared to 2.4% in FY2021.

     The SA-REIT net asset value per share increased to 855 cents per share, from 819 cents per share in
     FY2021. The SA-REIT loan-to-value decreased from 39% to 37%.

     Headline earnings per share increased to 64 cents per share from 38 cents per share in FY2021.

     A final cash distribution of 32 cents per share has been declared, bringing the total distribution for
     FY2022 to 57 cents per share. This is an increase of 35.7% in total distribution per share compared to
     the total distribution of 42 cents per share in FY2021. The FY2022 distribution per share represents
     100% (FY2021: 91%) of distributable income.

2.   DIVIDEND DECLARATION

     The directors resolved to declare a final gross dividend of 32 cents (FY2021: 25 cents) per share from
     income reserves in respect of the financial year ended 31 March 2022 resulting in a total annual
     dividend of 57 cents per share. The final dividend amount, net of South African dividend tax of 20%,
     is 25,6 cents (FY2021: 20 cents) per share for those shareholders who are not exempt from dividend
     tax. The number of ordinary shares in issue at the declaration date is 310 826 016 and the income tax
     number of the Company is 9012/264/14/0.
     The salient dates of the dividend declaration are:

     Declaration date                                Wednesday, 29 June 2022
     Last day to trade cum dividend                  Tuesday, 19 July 2022
     Trading ex-dividend commences                   Wednesday, 20 July 2022
     Record date                                     Friday, 22 July 2022
     Date of payment                                 Monday, 25 July 2022

     Share certificates may not be dematerialised or re-materialised between Wednesday, 20 July 2022
     and Friday, 22 July 2022, 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 full announcement and does not contain full or complete details. The
     full     announcement        can        be    found       on      the       JSE’s     website       at:
     https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SAR/FY22.pdf.

     Copies of the full announcement are also available for viewing on the Company’s website at
     https://www.safari-investments.com/investor-relations or may be requested in person, at the
     Company’s registered office at 410 Lynnwood Road, Lynnwood, Pretoria, or from the sponsor, at no
     charge, during office hours 08:00 to 16:00, Monday to Friday.

     Any investment decisions by investors and/or shareholders should be based on consideration of the
     full announcement available on the JSE’s website and the Group’s website.

4.   DISTRIBUTION OF THE INTEGRATED ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL
     MEETING (“AGM”)

     Shareholders of the Company (“Shareholders”) are hereby advised that the Company’s integrated
     annual report (“Integrated Report”), incorporating the full audited consolidated annual financial
     statements of the Company for the year ended 31 March 2022 (“Annual Financial Statements”) and
     the notice of the annual general meeting of the Company (“Notice of AGM”) was dispatched to
     Shareholders today, Wednesday 29 June 2022.

     The Integrated Report, the Annual Financial Statements and the full auditor’s report, including details
     of key audit matters, will also be available on the Company’s website, at https://www.safari-
     investments.com/investor-relations as from today, Wednesday 29 June 2022.

     The consolidated annual financial statements have been audited by the Company’s auditors, BDO
     South Africa Incorporated, who expressed an unmodified audit opinion thereon.

     Notice is hereby given that the AGM will only be accessible through electronic participation and is to
     be held at 14:00 on Wednesday, 17 August 2022, to transact the business as set out in the notice of
     the AGM which forms part of the Integrated Report.

     Kindly note the following salient details:

     Issuer name                                                             Safari Investments (RSA) Limited

     Type of instrument                                                      Ordinary shares
     ISIN number                                                             ZAE000188280

     JSE code                                                                SAR

     Meeting type                                                            Annual General Meeting

     Meeting venue                                                                      Electronic

     Record date – to determine which shareholders are                        Friday, 24 June 2022
     entitled to receive the notice of meeting

     Publication/posting date                                                 Wednesday, 29 June 2022

     Last day to trade – Last day to trade to determine                       Monday, 8 August 2022
     eligible shareholders that may attend, speak and vote
     at the meeting

     Record date – to determine eligible shareholders that                    Friday, 12 August 2022
     may attend, speak and vote at the meeting
     Meeting deadline date (For administrative purposes,                      Monday, 15 August 2022
     forms of proxy for the meeting to be lodged)

     Meeting date                                                             14:00 on Wednesday, 17 August 2022

     Publication of results                                                   Wednesday, 17 August 2022

     Website link                                                             https://www.safari-
                                                                              investments.com/investor-relations

Pretoria
29 June 2022

Sponsor
PSG Capital 

Date: 29-06-2022 09:00:00
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