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Growthpoint Properties Limited issues audited results for year ended 30 June 2021

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Growthpoint Properties Limited has released its audited results for the year ended 30 June 2021, reporting an increase in revenue and operating profit despite the impact of COVID-19.

On Wednesday, 15 September 2021, Growthpoint Properties Limited released its audited results for the year ended 30 June 2021. The group noted that the effects of the pandemic, on top of a depressed economy, had negatively impacted all three of its domestic sectors where property fundamentals are expected to remain strained.

The total revenue for the group is said to have increased by 6.2 percent to R13.13 billion, compared to June 2020. Operating profit also increased by 6.2 percent to R9.08 billion. Headline Earnings per share, on the other hand, increased by 112.7 percent to 169.98 cents for the period, earnings per share decreased by 93.3 percent to -15.31 cents, while the net asset value per share also decreased by 12.3 percent to 2 023 cents for June 2021.

Moreover, the group informed of a final declared dividend of number 71 of 60.0 cents per share.

What services does the Growthpoint Group offer?

Growthpoint Properties Limited is an international property company that provides space to thrive with innovative and sustainable property solutions. It is the largest South African primary JSE-listed Real Estate Investment Trust (REIT), with a portfolio of 432 directly owned properties in South Africa.

What acquisitions has the Growthpoint Group made for the financial period?

Growthpoint has confirmed its acquisition of one office property for R21.5 million, one healthcare property to the value of R193.5 million, one trading and development property for R70.0 million, and 20 telecommunications assets in South Africa for R23.6 million.

How did Growthpoint perform in relation to finance costs?

The group reported that finance costs and income received on interest rate swaps had increased by 7.1 percent to R3.3 billion, and the interest cover ratio decreased to 2.9 times. The weighted average maturity of debt for South African borrowings reportedly decreased to 3.1 years.

Mahlohonolo Lakaje
[email protected]

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