RDC Properties Limited has released its unaudited interim results for the half year ended 30 June 2026. The Group delivered a strong first half, demonstrating the resilience and improving earnings quality of its diversified portfolio across South Africa, Botswana and Croatia.
Financial performance
Profit before tax rose 46% to P72.4 million (HY 2025: P49.6 million), and profit attributable to shareholders rose 49% to P52.4 million (HY 2025: P35.3 million). As a result, earnings per linked unit grew 19% to 5.53 thebe. The improvement reflects efficient cost recoveries, disciplined cost control and a more favourable interest rate experience, supported by easing policy rates in South Africa and the Eurozone.
Revenue of P287.2 million was 1% ahead of the comparative period. Excluding revenue from properties disposed of since June 2025, revenue was 5.5% higher on a like for like basis. Net property income increased 3% to P185.7 million as property operating costs fell 2.8%.
Net asset value attributable to shareholders increased 7.8% to P2.98 billion, or P3.38 per linked unit. Prudent treasury management continued, with the loan to value ratio at 39.5% (HY 2025: 41.4%).
Linked unit holders will receive a total distribution of P45 million for the period, up from P42 million in June 2025.
South Africa
The South African portfolio continued to outperform, supported by robust demand and low vacancy in Cape Town. During the period, RDC completed an investment into the historic Bergkelder site in Stellenbosch, a long recognised jewel in the Cape. The development is envisaged as a mixed use precinct of some 150,000 square metres, with RDC playing a leading role in its development and management alongside local partners.
In Durbanville, De Ville Shopping Centre is set to be significantly expanded and redeveloped, securing its future as a dominant sub-regional retail environment in a high growth precinct.
Botswana
Trading conditions in Botswana were more subdued, with a softer commercial property market. The Group responded by prioritising tenant retention and targeted letting, and these efforts have borne fruit: the lease with the European Union at EU House has been renewed, and the landmark Standard House in Gaborone has reached 100% occupancy.
Hospitality
Excitement is building as the newly rebuilt Chobe Marina Lodge approaches completion, while across the river, The David Livingstone Safari Lodge & Spa produced a solid set of results for the period. The Radisson Hotel in Johannesburg continues to benefit from the development of the Rosebank precinct.
Sustainability
Installed solar capacity increased significantly to 4,008 kWp across sixteen sites. Over the six months, it delivered electricity savings of P1.9 million and avoided 2,215 tonnes of carbon emissions, already exceeding the full prior year position. The Group advanced the rollout of its solar programme into Botswana, with three installations approved in principle. Chobe Marina Lodge is also pursuing the Group’s first green building certification outside South Africa.
Read the full results
The full results announcement is available here: https://rdcbw.com/wp-content/uploads/2026/09/RDCP-HY-Results-Announcement-June-2026.pdf