Safari maiden FY results 'strong and steady'

Safari Investments, which focuses on township shopping malls, on Wednesday described its maiden full-year financial results as "strong and steady", lifting its headline earnings per share to 54 cents from 30 cents.

The distribution per share stood at 34 cents for the full-year ended March 2015.

For the period under review, revenue grew to R140.43 million from R119.64 million, while diluted earnings per share rose to 122 cents from 129 cents.

Its portfolio increased in value from R1.37 billion in 2014 to R1.75 billion.

Underpinning the results, projects were completed on time and within budget parameters, strategic acquisitions were successfully made, and the new developments at Maunde in Atteridgeville, new phases in Sebokeng and construction in Swakopmund continued successfully.

Safari, which listed in April 2014, said its growth had been "strong and steady", based on a foundation of broad and deep competitive advantage.

"Entering the next phase on this sound foundation, we believe we are well positioned to cover our anticipated pipeline projects by growing by a further 100 000m2 and reaching a portfolio level of R4 billion within the next three to four years," Safari said.

Some exciting new property acquisitions were being considered, the company said. "Subsequent to our financial year end we have decided to acquire the first day-hospital, which will be a new area of investment," it said.

Safari said it continued to create valuable investment for its shareholders.

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