| Imagery Source: Moneyweb / Supplied |
| Information Source: JSE SENS |
| Growthpoint Properties Limited |
| The results for the 12 months ended 30 June 2025 (FY25), compared to the 12 months ended 30 June 2024 (FY24), are set out below: |
| Group highlights |
- Total Group revenue, excluding Capital & Regional plc (C&R), increased by 2.2% to R13.3bn (FY24: R13.0bn)
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- Group operating profit, excluding C&R, increased by 5.5% to R8.7bn (FY24: R8.2bn)
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- Distributable income increased by 3.1% to R5.0bn (FY24: R4.8bn)
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- Distributable income per share (DIPS) increased by 3.1% to 146.3 cents per share (cps) (FY24: 141.9 cps), mainly due to an improved contribution from the three South Africa (SA) sectors, including like-for-like net property income (NPI) growth, improved negative rent reversions in the office & retail sectors, positive renewal growth in the logistics & industrial sector, reduced vacancies and improved expense efficiencies and recoveries.
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- Dividend per share increased by 6.1% to 124.3 cps (FY24: 117.1 cps), driven by the improved SA performance and an increased payout ratio from 82.5% to 85.0%. The payout ratio increased for the second six months to 87.5% with an average annual payout ratio of 85.0% for FY25.
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- Final dividend for H2 FY25 increased by 8.6% to 63.3 cps (H2 FY24: 58.3 cps)
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- Basic earnings per share increased by 329.7% to 161.10 cps (FY24: 37.49 cps)
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- Basic headline earnings per share increased by 57.0% to 159.01 cps (FY24: 101.26 cps)
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- SA NPI increased by 5.0% to R5.7bn (FY24: R5.4bn) • Like-for-like NPI at the V&A Waterfront (V&A) increased 12.7%, driven by turnover rental revenue in both the retail and hospitality sectors as a result of an increase in tourism. Growthpoint’s 50.0% share of distributable income increased by 4.5% to R810.5m (FY24: R775.0m) after taking into account increased net finance costs on external borrowings in line with the V&A’s funding strategy.y
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- SA REIT loan-to-value (LTV) for the Group improved to 40.1% (FY24: 42.3%):
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- The SA LTV improved to 34.5% (FY24: 35.4%) due to lower net debt, with the proceeds from the disposal of C&R and domestic disposals used to reduce debt
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- Growthpoint Healthcare Property Holdings (RF) Limited’s (GHPH) LTV remained constant at 16.8% (FY24: 16.8%)
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- Growthpoint Student Accommodation Holdings (RF) Limited’s (GSAH) LTV improved to 28.6% (FY24: 29.7%) due to a R425.0m capital raise during the year, offset by an increase in property assets as a result of new developments.
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- Growthpoint Properties Australia Limited’s (GOZ) LTV improved to 39.5% (FY24: 39.8%) due to lower net debt, the disposal of Dexus Industria REIT and seven investment properties, which was offset by lower fair valuations on investment property driven mainly by the office sector which decreased by A$204m or 7.4% on a like-for-like basis concentrated in the Melbourne office portfolio
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- Net asset value per share, based on the SA REIT definition, decreased by 1.6% to 1,988 cps (FY24: 2,020 cps), mainly driven by the disposal of C&R and asset write-downs at GOZ.
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| Regulatory requirements |
| The annual financial statements were audited by Ernst & Young Inc., which expressed an unmodified opinion thereon. The auditor did not report on any of the information contained in this announcement. |
| This short form announcement is the responsibility of the Board of Directors and does not contain complete details. Any investment decisions by investors and/or shareholders should be based as a whole on consideration of the Group's consolidated financial statements, which may be downloaded from the Company’s website. |
| https://growthpoint.co.za/financialreporting/ and https://senspdf.jse.co.za/documents/2025/jse/isse/GRTE/Final25.pdf |
| Final dividend |
| Notice is hereby given of the declaration of the final dividend number 79 of 63.30000 cps for the six months and year ended 30 June 2025 (FY25). The dividend has been declared from income reserves. |
| Other information: |
- Issued shares as at declaration date: 3 430 787 066 ordinary shares of no par value
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- Income Tax Reference Number of Growthpoint: 9375077717
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| Shareholders are advised that the dividend meets the requirements of a “qualifying distribution” for 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. |
| For the full document, click the link below |
| Growthpoint Properties Limited |
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