Safari Investments, a South African real estate investment trust, has reported higher-than-expected earnings for the six months ending March 2023.
- Safari’s distributable earnings per share increased by 9.3% compared to the same period last year, exceeding analysts’ forecasts.
- The company’s net asset value per share increased by 2.6% to R7.53 (approximately $0.51).
- Safari attributed the positive results to the performance of its property portfolio, which includes retail, office, and industrial properties.
- The company’s retail properties performed particularly well, with a 5.6% increase in rental income.
- Safari has been focused on improving its property portfolio through strategic acquisitions and disposals.
- The company recently sold two non-core properties for a total of R60.3 million (approximately $4.1 million).
- Safari’s management team expressed confidence in the company’s future prospects and its ability to continue delivering value to shareholders.