RDC Property Group



RDC Property Group (“RDC”) released an exceptional set of interim results to the market in a well-attended results presentation.

The value of the investment portfolio increased by 148% from P2.4 billion to P5.8 billion following the acquisition of the Tower Property Fund (‘Tower”) portfolio on 28th December 2021, whilst revenue for the period increased by 244% from P73 million to P250 million.

The Tower acquisition has diversified the RDC portfolio in terms of sector and location, reducing the exposure to hospitality and offices and introducing some premium retail assets located in South Africa and Croatia.

Profit attributable to shareholders increased by 210% to R59.8 million and earnings per share is some 44% higher compared to the same period last year. This has enabled the Company to declare a distribution to shareholders of t3.49 per linked unit, an increase of 28% over the prior period. The increase in profit relates to the Tower acquisition, aided by the fair value gains on interest rate swaps and the strengthening of the Rand. The Group has largely been protected from the increasing interest rate environment, as 46% of the debt is hedged.

The newly enlarged portfolio accompanied by a wider pool of skills has enabled RDC to evaluate the performance of each asset and to set strategic plans in motion in each region. The Company’s focus is to improve the performance of key assets, dispose of non-core assets and to unlock value across the portfolio. Proceeds from disposals will be redeployed in reducing debt, enhancing the performance of key assets and reinvesting in new opportunities.

There has also been a focus on activities falling within the ambit of the newly formed ESG Committee including a review of energy efficiencies across the portfolio and greening initiatives as well as investment into the communities within which the Company operates. This includes support of education, the arts and women empowerment.

RDC’s board recognises that good governance and strong leadership creates confidence amongst its stakeholder community and is pleased to announce the following appointments and role changes:

The appointment of Joanne Mabin to the RDC board. Ms Mabin will continue in her capacity as Chief Financial Officer of the Company. Marc Edwards retires as a director, and the board thanked him for his role in the integration of the Tower business.

In terms of rotation of functions, Andrew Bradley has been appointed as Lead Independent director, replacing Lesang Magang who will continue to add value as an independent director. Nicola Milne has been appointed as Chair of the Audit and Risk Committee replacing Andrew Bradley who has been appointed as Chair of the Investment Committee. Bogolo Kenewendo has been appointed as Chair of the Environment, Social and Governance Committee. Lesang Magang has been appointed as Chair of the Nomination and Remuneration Committee. Kate Maphage has been appointed as Chair of the Property Committee.

RDC is driven by its strategic purpose of owning and managing strategic property assets that add value to the communities within which the business operates.

Mr. Giachetti concluded by thanking RDC shareholders for their support through what has been an extraordinary half-year in the growth of the business.





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