DIPULA INCOME FUND LIMITED - Unaudited condensed consolidated interim financial results for the six months ended 28 February 2022

Unaudited condensed consolidated interim financial results for the six months ended 28 February 2022

Dipula Income Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000203378
JSE share code: DIB ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the Company")

Short-form announcement:
Unaudited condensed consolidated interim financial results for the six months ended 28 February 2022

SALIENT FEATURES
- A-share distributable earnings per share up 5.0% to 61.97130 cents (2021: 59.02029 cents)
- B-share distributable earnings per share down 6.4% to 42.21706 cents (2021: 45.09965 cents)
- Basic earnings per share up 5.1% to 61.38 cents (2021: 58.38 cents)
- Headline earnings per share up 1.0% to 60.58 cents (2021: 60.01 cents)
- NAV per combined share down 1.9% to R20.78 (2021: R21.18)
- Revenue down 0.1% to R677.4 million (2021: R678.4 million)
- Net operating profit down 4.2% to R414.8 million (2021: R432.8 million)
- Attributable comprehensive income up 5.1% to R324.9 million (2021: R309.0 million)

BUSINESS OVERVIEW
Dipula is an internally managed, South African focused Real Estate Investment Trust ("REIT") that owns a
sectoral and geographically diversified portfolio of retail, office, industrial and residential rental assets 
in all provinces of South Africa, with the majority of its assets located in Gauteng. The Company's strategy 
is to own a defensive and diversified portfolio with a retail bias. Dipula's portfolio has yielded a solid 
performance since listing.

PAYMENT OF DIVIDEND
The board has approved, and notice is hereby given of the interim gross dividend (dividend number 20) for
the period 1 September 2021 to 28 February 2022 of 61.97130 cents per A-share and 42.21706 per B-share.

The dividend is payable to Dipula shareholders in accordance with the timetable set out below:
Last day to trade cum dividend                                      Tuesday, 31 May 2022
Shares trade ex-dividend                                          Wednesday, 1 June 2022
Record date                                                          Friday, 3 June 2022
Payment date                                                         Monday, 6 June 2022

Share certificates may not be dematerialised or rematerialised between Wednesday, 1 June 2022 and
Friday, 3 June 2022, both days Inclusive. The dividend will be transferred to dematerialised shareholders'
CSDP accounts/broker accounts on Monday, 6 June 2022. Certificated shareholders' divided payments
will be paid to certificated shareholders' bank accounts on or about Monday, 6 June 2022.

TAX TREATMENT
An announcement relating to the tax treatment of distributions to shareholders will be released on SENS
separately.

SHORT-FORM ANNOUNCEMENT
The contents of this short-form announcement are the responsibility of the board of directors of Dipula. The
information above is extracted from the unaudited condensed consolidated interim results for the six months
ended 28 February 2022 and does not contain full or complete details of the financial results. Any investment
decisions made by investors should be based on consideration of the full announcement as a whole and
shareholders are encouraged to review the full announcement, which has been released on SENS and is
available for viewing on Dipula's website at
https://dipula.co.za/content/uploads/2022/05/interim-results-feb-2022.pdf and on the JSE website at
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/DPL/HY2022.pdf.

Copies of the full announcement may also be requested at the Company's registered office at no charge,
during office hours from Thursday, 5 May 2022 to Thursday, 12 May 2022.

Johannesburg
5 May 2022

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
R Asmal (FD)
BH Azizollahoff*#
E Links*
Y Waja*
SA Halliday*
* Independent non-executive
# British

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
JSE Investor Services

Sponsor
Java Capital

Company secretary
Acorim

Investor relations
Articulate Capital Partners

Independent auditors
Mazars Gauteng






Date: 05-05-2022 08:00:00
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