PUTPROP, the property investment company, reported flat revenue in the year to June 30 of R73.1 million (2020: R73.8m), while profit available for distribution to shareholders increased sharply to R22.6m from R2.9m.
Operating profit increased sharply to R62.5m (2020: R37.3m). Headline earnings per share increased to 71.7 cents from 48.23 cents inn 2020.
Its portfolio comprises 16 strategically located properties, located primarily in the Gauteng geographic area - there were 14 properties in the 2020 year.
A final dividend of 10.75 cents per ordinary share was declared for the year ended June 30, 2021, nearly double the 5.75 cents dividend in 2020. The total dividend payable for the year came to 15 cents (2020: 14 cents).
Net Asset value was 1 452 cents per share. Annual escalation on contractual rental income was maintained at 7.67 percent in a difficult rental market.
Summit Place precinct was acquired during the year, adding R527.8m to the group property portfolio.
BUSINESS REPORT