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Fri 13 Jun 2025
Close: 449c 
Day's move: -16c (-3.44%)
Volume: 5 876 595
Trades: 869
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Property portfolio revenue for the interim period grew to R5.4 billion (2024: R5.2 billion) whilst profit before finance costs and taxation remained at R3.4 billion (2024: R3.4 billion). Profit for the period attributable to owners jumped to R1.5 billion (2024: R1.1 billion). Additionally, headline earnings per share increased to 18.43 cps (2024: 10.50 cps).
Dividend declaration
The group's distributable income increased by 3.6% (HY24: increase of 6.1%) to R1.8 billion (HY24: R1.7 billion) for the period.
The board has declared a dividend of 20.41529 cents per share for the six-month period ended 28 February 2025, which represents a dividend payout ratio of 80%.
Company prospects
The past five years have been marked by significant challenges, including the pandemic, civil unrest, geopolitical tensions, and an energy crisis. Despite these disruptions, Redefine has consistently emerged more agile and better positioned to thrive as we continue to live the upside by focusing on the variables under our control. We believe that the future of commercial real estate lies at the intersection of technology, flexibility and sustainability. We remain firm in our strategy focusing on disciplined capital allocation for sustainable growth, recycling non-core assets to improve the quality of the asset platform, simplifying the joint ventures to lower our see- through LTV ratio, and delivering on earnings guidance to drive value.
Despite the uncertain operating environment, we expect full-year 2025 distributable income per share of between 50.0 cents and 53.0 cents (FY24: 50.0 cents). We anticipate a dividend payout ratio of 80% to 90%, depending on operational capital expenditure requirements, debt covenant levels, liquidity events, and tax considerations.
This forecast, which remains unchanged from the FY25 forecast disclosed in the financial results for the year ended 31 August 2024 is predicated on the assumption that current trading conditions will prevail. Forecast rental income is based on contractual terms and anticipated market-related renewals. The forecast has not been reviewed or reported on by the group's independent external auditors. Redefine's use of dividend per share as a relevant measure of financial performance remains unchanged.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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