Chamwe Kaira
Safari Investments Limited has released its audited consolidated annual financial statements for the year ended 30 June 2025, following the sale of its Platz Am Meer property in Namibia.
The group also declared a dividend and distributed its integrated annual report with a notice of its upcoming annual general meeting.
The company said the fair value of investment properties rose by 3.74% to N$4.19 billion, compared to N$4.04 billion in 2024.
“It must, however, be noted that the current year number excludes the Platz Am Meer property after the sale of Safari Investments Namibia Pty Ltd on 30 June 2025. The 30 June 2024 valuation number includes the Platz Am Meer property,” Safari stated.
Safari reported an operating profit of N$333.5 million for the year, down from N$381.7 million in the previous 15-month reporting period.
The increase in fair value was supported by a low vacancy rate of 2.06%, national tenants occupying 91% of gross lettable area, and a positive rental reversion ratio of 10.8%.
The group’s loan-to-value ratio improved to 31.5% from 33% the previous year. Net asset value per share rose to N$11.47 from N$10.06.
Earnings per share climbed to 217 cents from 157 cents, while headline earnings per share fell slightly to 74 cents from 77 cents.
Safari declared a final gross dividend of 40 cents per share, bringing the total payout for the year to 74 cents per share.
The payout ratio remained at 100%. After applying South Africa’s 20% dividend tax, non-exempt shareholders will receive a net dividend of 32 cents per share.
Last week, Oryx Properties, which acquired Platz Am Meer for N$290 million on 30 June 2025, announced that the acquisition is expected to yield 11%, or about N$31.9 million, in net operating income.
Oryx said the purchase marked a key milestone as it concluded its three-year strategy, with its investment property portfolio closing at N$4.7 billion, up from N$4.2 billion in 2024.
Caption
Platz Am Meer is now owned by Oryx Properties.
- Photo: Contributed
