Putprop, the listed company that owns 13 commercial properties mainly in Gauteng, saw its share price rise 4.44% to R4.70 on Friday afternoon after it declared a final dividend of 6 cents per share for the year to June 30.
The dividend was lower than that 10.75 cents per share declared at the end of the 2021 financial year, and brought the total dividend for the 2022 financial year to 10.25 cents, compared with 15 cents in 2021.
Some of its key properties include Summit Place, Parktown Towers, Secunda Value Mart, Eagle Canyon and Putcoton.
The total gross lettable area (GLA) of the invested properties is 84 112 square metres, valued at about R1.11 billion.
The company only has some 42.41 million shares in issue.
Rental and recoveries increased 52.3% to R111.3 million while operating profit was up 16.64% to R67.28m.
Net asset value per share increased 10.79 percent to R14.45. The cost to income ratio was 34.2 from 35.9 in 2021.
The lease retention rate was 100% of tenants whose lease expired during the year, versus 94.1% in 2021. Vacancies were low at 2.2%.
The company signed agreements for the sale of two properties at the end of last month, Putco Depot in Soshanguve for R14m, and the Putco Nancefield property for R7.6m.
BUSINESS REPORT