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Unaudited Condensed Consolidated Interim Results for the 6 months ended 31 December 2025 and Dividend Declaration
Putprop Limited
Incorporated in the Republic of South Africa
Registration number 1988/001085/06
Share code: PPR ISIN: ZAE000072310
("Putprop" or "the Company" or "the Group")
Unaudited Condensed Consolidated Interim Financial Results
for the six months ended 31 December 2025 and Dividend Declaration
Financial and Key Metrics
Financial capital
Rentals and recoveries
R72.3 million
December 2024: R74.8 million
Operating Profit
R36.0 million
December 2024: R41.93 million
HEPS
24.19 cents
December 2024: 28.35 cents
Operating profit margin
62.6%
December 2024: 64.4%
Net asset value of 1 728 cents per share (June 2025: 1 724 cents)
Total loan liabilities: R405 million (June 2025: R411.4 million)
Loans to value ratio (LTV): 28.5% (June 2025: 29.6%)
DPS
8.50 cents
December 2024: 7 cents
Portfolio Snapshot
Total GLA
88 042m2
June 2025: 88 042m2
73% A Grade Tenants
June 2025: 73%
Retention of 100% of tenants whose lease expired during the review period.
(June 2025: 100%)
Introduction
Putprop is a property investment company, listed on the main board of the JSE
Limited under the real estate sector. The Group owns and manages a diversified
portfolio of 13 properties located across three South African provinces, with
exposure to the retail, commercial, residential, and industrial sectors.
The property portfolio at present comprises of 13 (June 2025: 13) strategically
located properties, situated primarily in the Gauteng geographical area. The total
Gross Lettable Area ('GLA') of the invested properties is 88 042m2 (June 2025:
88 042m2) with a value of R1.096 billion (June 2025: R1.103 billion). Investment
property classified as held for sale was R58 million (June 2025: R46.7 million).
The Group's primary objective remains the development and maintenance of a
resilient, income-generating portfolio underpinned by strong contractual cash
flows. This focus is central to ensuring long-term sustainability, balance sheet
strength, and capital appreciation for all stakeholders.
Financial Performance
Rental and recoveries for the six-month period decreased by 3.4%, from
R74.78 million to R72.26 million.
Property operating costs increased by 8.5%, rising from R24.9 million to
R27 million, driven largely by persistent inflationary pressures in municipal
rates, utilities, and consumption-related charges. These cost escalations, coupled
with the reduced income base following the disposal of Putcoton on 25 September
2024, contributed to a contraction in net property operating profit, which decreased
from R49.9 million to R45.2 million for the period.
Expected credit losses increased from R0.14 million to R1.5 million, reflecting
management's conservative stance and early identification of tenant-specific
financial stress in certain nodes. Given the continued volatility in the operating
environment, the Group has adopted a prudent provisioning approach, applying
forward?looking assessments to ensure credit risk is adequately provided for.
Corporate administration expenses increased from R10.9 million in the prior
comparable period to R11.7 million for the six months ended 31 December 2025. The
increase is primarily attributable to long-service awards and retirement-related
payouts to directors during the period. These costs are non-recurring in nature
and, aside from normal inflationary adjustments, corporate expenses are expected
to stabilise over the next six months.
The Group's investment in its associate company delivered a significantly improved
contribution for the period, with profit from associates increasing to R2.5 million,
compared to R1.7 million in the prior interim period.
Finance costs decreased materially by 25%, reducing from R24.9 million to
R18.6 million. This improvement was driven by higher capital repayments during the
period as well as the favorable impact of a lower interest rate environment.
During this reporting period the directors considered it prudent to continue with
the write-down of certain properties.
The fair value of certain properties held for sale, was considered to be overstated
having regard for conditions in the current property market. As a result, these
properties were adjusted downwards. A full review of the rest of the portfolio was
also undertaken with adjustments made upwards or downwards where necessary.
The portfolio was adjusted downwards by R8.9 million (June 2025: R40.8 million
increase).
Despite the fair value write down, profit before tax increased to R8.5 million from
R4.2 million in December 2024.
As result, earnings per share (EPS) increased to 13.40 cents (December 2024: 8.33
cents) with Headline Earnings Per Share (HEPS) decreasing from 28.35 cents to 24.19
cents.
The Board has declared an interim gross cash dividend of 8.5 cents per share (2024:
7 cents).
Payment of interim distribution - ordinary interim dividend number 73.
Notice is hereby given that the Board has declared an interim gross cash dividend
('the dividend') for the six months ended 31 December 2025 of 8.5 cents per ordinary
share (December 2024: 7 cents per ordinary share).
The dividend is payable to shareholders recorded in the register of the Company at
close of business on Friday, 10 April 2026.
The current local Dividend Withholding Tax ('DWT') rate is 20%. The gross local
dividend amount is 8.5 cents per share for shareholders exempt from paying DWT
whilst the net local dividend payable is 6.8 cents per share for shareholders liable
to pay DWT. The issued share capital of Putprop is 42 405 133 (2024: 42 405 133)
shares.
Putprop's income tax reference number is 9100097717. This dividend is payable from
income reserves.
The salient dates relating to the dividend are as follows:
Declaration date Wednesday, 18 March 2026
Last date to trade to participate Tuesday, 7 April 2026
Trading commences ex dividend Wednesday, 8 April 2026
Record date Friday, 10 April 2026
Date of payment Monday, 13 April 2026
Share certificates may not be dematerialised or rematerialised between Wednesday,
8 April 2026 and Friday, 10 April 2026, both days inclusive.
The content of this results announcement is the responsibility of the directors of
Putprop and has been prepared in compliance with the JSE Listings Requirements.
This results announcement is only a summary of the information contained in the
unaudited condensed consolidated interim financial results and cash dividend
declaration for the six months ended 31 December 2025 ("Results") and does not
contain full or completed details.
Any investment decisions by investors should be based on the Results, as published
on SENS on 18 March 2026 and which can be viewed on the JSE's cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/ppr/interims26.pdf and on
Putprop's website at: https://putprop.co.za/wp/investors/
The Results are also available for inspection at the registered office of Putprop
and the office of the Sponsor, at no charge, on weekdays between 09:00 and 16:00
and/or through a secure electronic manner at the election of the person requesting
inspection, and from the Company Secretary, who is contactable on +27 11 325 6363
or putprop@acorim.co.za.
18 March 2026
For and on behalf of the Board
Directors:
Darryl Mayers (Chief Executive Officer)
Alicia Nolte (Chief Financial Officer)
Janys Finn*^ (Chairman)
Hayden Hartley*^
Rene Styber*^
* Independent ^ Non-executive
Registered and Postal Address:
Putprop House, 22 Impala Road, Chislehurston, Sandton, 2196
Company Secretary:
Acorim Proprietary Limited,
13th Floor, Illovo Point, 68 Melville Road, Illovo, Sandton, 2196
Sponsor:
Merchantec Capital,
13th Floor, Illovo Point, 68 Melville Road, Illovo, Sandton, 2196
External Auditors:
HLB CMA South Africa
No.1 2nd Road, Halfway House Estate, Midrand, 1685
Transfer Secretaries:
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
www.putprop.co.za
Date: 18-03-2026 04:15:00
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