Wrap Text
Audited consolidated AFS, dividend declaration, distribution of the integrated annual report and notice of AGM
SAFARI INVESTMENTS (RSA) LIMITED
Approved as a REIT by the JSE Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2000/015002/06)
Share code: SAR | ISIN: ZAE000188280
("Safari" or "the Company" or "the Group")
AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 30 JUNE 2025,
DIVIDEND DECLARATION, DISTRIBUTION OF THE INTEGRATED ANNUAL REPORT AND NOTICE OF ANNUAL
GENERAL MEETING ("AGM")
1. SALIENT FEATURES
The Group recorded an operating profit of R333 483 150 for the twelve-month financial period ended
30 June 2025 before investment revenue, fair value adjustments, and finance costs (15-month period
ended 30 June 2024: R381 696 728).
The fair value of investment properties increased by 3.74% to R4.19 billion compared to the 30 June
2024 valuation of R4.04 billion. It must, however, be noted that the current year number excludes the
Platz Am Meer property after the sale of Safari Investments Namibia Pty Ltd on 30 June 2025. The
30 June 2024 valuation number includes the Platz Am Meer property. This increase is supported by
Safari's low vacancy rate of 2.06%, national tenants occupying 91% of gross lettable area, a positive
rental reversion ratio of 10.80%, and a healthy lease expiry profile.
The Group's SA REIT loan-to-value ratio decreased from 33.0% on 30 June 2024 to 31.5% on 30
June 2025, while the SA REIT net asset value per share improved to R11.47 (2024: R10.06).
Earnings per share for the 12 months to 30 June 2025 was 217 cents per share and for the 15 months
ending on 30 June 2024 was 157 cents per share. Headline earnings per share for the 12 months to
30 June 2025 was 74 cents per share and for the 15 months ending on 30 June 2024 was 77 cents
per share.
With a final cash distribution of 40 cents per share declared, the total distribution for the twelve-month
financial period ending 30 June 2025 amounts to 74 cents per share. The distribution pay-out ratio
remains 100%.
2. DIVIDEND DECLARATION
The directors resolved to declare a final gross dividend of 40 cents per share from income reserves in
respect of the twelve months ended 30 June 2025, resulting in a total dividend of 74 cents per share
for the twelve-month period. The final dividend amount, net of South African dividend tax of 20%, is 32
cents per share for those shareholders who are not exempt from dividend tax. The number of ordinary
shares in issue at the declaration date, excluding treasury shares held by the Company, is
255 670 865. The income tax number of the Company is 9012/264/14/0.
The salient dates of the dividend declaration are:
Declaration date Friday, 19 September 2025
Last day to trade cum dividend Tuesday, 7 October 2025
Trading ex-dividend commences Wednesday, 8 October 2025
Record date Friday, 10 October 2025
Date of payment Monday, 13 October 2025
Share certificates may not be dematerialised or re-materialised between Wednesday, 8 October 2025
and Friday, 10 October 2025, both days inclusive.
Tax implications
In accordance with the Company's status as a REIT, shareholders are advised that the dividend meets
the requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act,
No. 58 of 1962 ("Income Tax Act"). The dividend on the shares will be deemed to be a dividend, for
South African tax purposes, in terms of section 25BB of the Income Tax Act.
1. Tax implications for South African resident shareholders
The dividend received by or accrued to South African tax residents must be included in the gross
income of such shareholders and will not be exempt from income tax (in terms of the exclusion to
the general dividend exemption, contained in paragraph (aa) of Section 10(1)(k)(i) of the Income
Tax Act) because it is a dividend distributed by a REIT.
This dividend is, however, exempt from dividend withholding tax in the hands of South African tax
resident shareholders, provided that such shareholders provide the following forms to their
Central Securities Depository Participant ("CSDP") or broker, as the case may be, in respect of
uncertificated shares, or the Company, in respect of certificated shares:
• A declaration that the dividend is exempt from dividends tax; and
• A written undertaking to inform the CSDP, broker or the Company, as the case may be,
should the circumstances affecting the exemption change or the beneficial owner ceases to
be the beneficial owner, both in the form prescribed by the Commissioner for the South
African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the Company, as the case may be, to
arrange for the previously mentioned documents to be submitted prior to payment of the dividend,
if such documents have not already been submitted.
2. Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT will not be taxable as income and
instead will be treated as ordinary dividends, which are exempt from income tax in terms of the
general dividend exemption in Section 10(1)(k)(i) of the Income Tax Act. With effect from 1 January
2014, any dividend received by a non-resident from a REIT will be subject to dividend tax at 20%,
unless the rate is reduced in terms of any applicable agreement for the avoidance of double
taxation ("DTA") between South Africa and the country of residence of the non-resident
shareholder.
Assuming dividend tax will be withheld at a rate of 20%, the net distribution amount due to
non-resident shareholders is 32 cents per share. A reduced dividend withholding rate in terms of
the applicable DTA may only be relied on if the non-resident shareholder has provided the
following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares,
or the Company, in respect of certificated shares:
• A declaration that the dividend is subject to a reduced rate as a result of the application of a
DTA; and
• A written undertaking to inform the CSDP, broker or the Company, as the case may be,
should the circumstances affecting the reduced rate change or the beneficial owner ceases
to be the beneficial owner, both in the form prescribed by the Commissioner for the South
African Revenue Service. If applicable, non-resident shareholders are advised to contact
their CSDP, broker or the Company, as the case may be, to arrange for the previously
mentioned documents to be submitted prior to payment of the dividend if such documents
have not already been submitted.
3. DISTRIBUTION OF THE INTEGRATED ANNUAL REPORT AND NOTICE OF AGM
Shareholders of the Company are hereby advised that the Company's integrated annual report
("Integrated Report"), incorporating the full audited consolidated annual financial statements for the
twelve months ended 30 June 2025 ("Annual Financial Statements") and the notice of the AGM of
the Company ("Notice of AGM") was distributed to Shareholders today, Friday, 19 September 2025.
The Integrated Report, Annual Financial Statements, the full auditor's report, including details of key
audit matters and Notice of AGM, will also be available on the Company's website, at
https://www.safari-investments.com/investor-relations as from today, Friday, 19 September 2025.
The Annual Financial Statements have been audited by the Company's auditors, BDO South Africa
Incorporated, who expressed an unmodified audit opinion thereon.
Accordingly, notice is hereby given that the AGM will only be accessible through electronic participation
and is to be held at 15:30 on Tuesday, 18 November 2025, to transact the business as set out in the
Notice of the AGM, which forms part of the Integrated Report.
Kindly note the following salient details:
Issuer name Safari Investments (RSA) Limited
Type of instrument Ordinary shares
ISIN number ZAE000188280
JSE code SAR
Meeting type Annual General Meeting
Meeting venue Electronic
Record date – to determine which shareholders Friday, 12 September 2025
are entitled to receive the notice of meeting
Publication/posting date Friday, 19 September 2025
Last day to trade – Last day to trade to determine Tuesday, 4 November 2025
eligible shareholders that may attend, speak and
vote at the meeting
Record date – to determine eligible shareholders Friday 7 November 2025
that may attend, speak and vote at the meeting
Meeting deadline date (For administrative Friday, 14 November 2025
purposes, forms of proxy for the meeting to be
lodged)
Meeting date Tuesday, 18 November 2025
Publication of results Tuesday, 18 November 2025
Website link https://www.safari-
investments.com/investor-relations
4. 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 Annual Financial Statements and does not contain full or complete
details. The Integrated Report, Annual Financial Statements, full auditor's report, including details of
key audit matters and Notice of AGM can be found on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/SAR/FY25.pdf and is also 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
Annual Financial Statements available on the JSE cloudlink and the Company's website.
Pretoria
19 September 2025
Sponsor
Valeo Capital Proprietary Limited
Date: 19-09-2025 03:07:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
