News

Putprop reports 55% increase in group revenue and maintains interim dividend

Bruno Carleo, CEO of Putprop (Image: putprop.co.za)

JSE-listed Putprop has published its interim financial results for the 6 months ended December 2021 reporting a 55% increase in its group property revenue from R29.1 million (December 2020) to R45.1 million.

Gross property rental revenue increased by 57% from R38.4 million to R60.3 million.

Headline earnings per share increased by 20.5% from 35.87 cents to 43.24 cents with a net asset value of 1 479 cents per share.

The company reported a net profit of R26.9 million compared to December 2020’s R26.03 million (before taxation and fair value adjustments).

During the period, the directors chose to write down the value of the group’s property portfolio by R8.7 million (2020: R4.2 million down). Straight line rental positive income adjustments of R7.5 million were also included in the fair value adjustments in the comparable period due to a renegotiation of a lease with a major tenant.

Annual escalation on contractual rental income of 6.7% was declared with a market value per m2 of its property portfolio of R10 920 per m2 – an increase of 3.2%.

As at 31 December 2021, Putprop’s commercial portfolio reflected a 1.2% vacancy (June 2021: 2.3%). There are currently no vacancies in the other segments.

The board maintained an interim dividend of 4.25 cents per share (December 2020: 4.25 cents).

The group’s share price closed at R3.75 on the day of the publishing the results (9th March 2022).