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Interim financial results and interim dividend distribution declaration for the period ended 30 September 2023

Published: 2023-11-16 10:01:01 ET

SAFARI INVESTMENTS RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2000/015002/06)
Share code: SAR
ISIN: ZAE000188280
(Approved as a REIT by the JSE)
(“Safari” or “the Company”)

CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL RESULTS AND
INTERIM DIVIDEND DISTRIBUTION DECLARATION FOR THE PERIOD ENDED 30
SEPTEMBER 2023

1. SALIENT FEATURES

- Operating profit increased by 8,15% to R149,9 million (2022: R138,6 million).

- The occupancy factor remained strong at 97,8% (2022: 97,09%) based on a vacancy
factor of 2,23% (2022: 2,91%).

- The net asset value per share increased by 6,42% to R9,45 per share (2022: R8,88).

- The SA REIT net asset value per share increased by 7,48% to R9,20 per share (2022:
R8,56 per share).

- Headline earnings per share decreased by 13,8% to 32,68 cents per share (2022:
37,93 cents per share).

- Earnings per share decreased by 13,8% to 32,68 cents per share (2022: 37,93 cents
per share).

- Distribution per share decreased by 9,09% to 30 cents per share (2022: 33 cents per
share) and the distribution pay-out ratio is 100%.

Despite the increase in revenue, distributable earnings decreased compared to the
comparative interim period due to a substantial non-recurring insurance pay-out
received in the prior period; the surge in interest rates; as well as other irregular
expense items. If the non-recurring insurance event is excluded, the core distribution
shows an increase compared to the comparative prior reporting period. Refer to the
condensed consolidated unaudited interim financial results for the year ended 30
September 2023 (“Interim Results”) for complete details.

2. DIVIDEND DECLARATION

The board of directors of the Company (“Directors”) resolved to declare an interim gross
dividend of 30 cents (2022: 33 cents) per share from income reserves in respect of the
six months ended 30 September 2023.
The dividend amount, net of South African dividend tax of 20%, is 24 cents (2022: 26,4
cents) per share for shareholders who are not exempt from dividend tax.

As at the declaration date, the issued share capital of Safari, excluding treasury shares
held by the Company, is 256 972 946 ordinary shares of no-par value. The income tax
number of the Company is 9012/264/14/0.

The salient dates of the dividend declaration are:

Declaration date Thursday, 16 November 2023
Last day to trade cum dividend Tuesday, 5 December 2023
Trading ex-dividend commences Wednesday, 6 December 2023
Record date Friday, 8 December 2023
Payment date Monday, 11 December 2023

Shares may not be dematerialised or rematerialised between Wednesday, 6 December
2023 and Friday, 8 December 2023, both days inclusive.

3. SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the Directors of the Company. It
contains only a summary of the information in the Interim Results and does not contain
full or complete details. The Interim Results are available on the JSE website at
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/SAR/HY24.pdf.

Copies of the Interim Results are available for viewing on the Company’s website at
https://www.safari-investments.com/investor-relations.

Any investment decisions by investors and/or shareholders should be based on
consideration of the full Interim Results, as the information in this announcement does not
provide all the details.

The Interim Results have not been reviewed or audited by the Company’s auditor.

Pretoria
16 November 2023

Sponsor
Valeo Capital (Pty) Limited

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.