Johannesburg, SA Corporate Real Estate Limited, a prominent Real Estate Investment Trust (REIT) listed on the Johannesburg Stock Exchange, has released its audited summary consolidated financial results for the year ended 31 December 2023. The company, owning a diverse portfolio of industrial, retail, and residential properties primarily in South Africa and Zambia, has reported significant financial and operational achievements.
For the year concluded on 31 December 2023, SA Corporate boasted a distributable income showing a slight adjustment compared to the previous year, with R647.8 million reported, reflecting earnings of 25.76 cents per share. The total net property income (NPI) escalated to R1.3 billion, marking an increase from R1.2 billion in 2022. Notably, the like-for-like NPI also saw an uplift to R1.01 billion, a 4.6% rise year-on-year.
The financial disclosures highlighted robust revenue growth to R2.480.5 million from R2.042.5 million in 2022, alongside an operating profit surge to R1.776.1 million. Basic earnings per share grew to 48.54 cents, and the net asset value per share also saw an appreciable increase to 439 cents.
Importantly, SA Corporate declared a dividend of 23.18 cents per share, aligning with a 90% payout ratio, slightly adjusting from the previous year's distribution. The end-of-year dividend payment for shareholders stands at 11.79481 cents per share, sourced predominantly from property rental income, reflecting a stable income stream for investors.
Non-resident shareholders are informed about the dividend tax implications, with the standard 20% withholding tax applicable, barring any reductions under double taxation agreements. South African resident shareholders are reminded of the tax requirements pertinent to REIT distributions, emphasizing the need for compliance documentation to ensure appropriate tax treatment.
Investors are encouraged to consult the detailed financial statements and additional corporate disclosures available on the company's website and through the JSE's SENS platform for a thorough understanding of SA Corporate's financial health and strategic direction.
PricewaterhouseCoopers Inc., serving as the registered auditors, has furnished an unqualified audit opinion on the Group's annual financials, underscoring the reliability of the presented data. Nedbank Corporate and Investment Banking functions as the corporate sponsor, assisting in maintaining the firm's esteemed market positioning.