Safari Investments pays final dividend, plans to develop more retail properties

SAFARI Investments (RSA) will pay out a final cash dividend of 40 cents a share for the 12 months to June 30 and is seeking access to further capital so it can shift strategy to also develop retail property.

- EDWARD WEST

This will bring the total dividend for the year for the REIT whose assets comprise convenience and small regional centres mainly in Gauteng, to 74 cents per share, slightly lower than 78 cents in 2024. The distribution payout ratio remains 100%.

Safari’s share price surged 4.9% to R7.50 in thin trade on the JSE on Friday, and the price was well up from R5.50 a year before. The company’s market capitalisation at year end had risen to R1.75bn from R1.44bn at the end of the 2024 financial year.

“The Safari team has done a sterling job this financial year. The Platz am Meer property has been sold, and two further non-core assets are up for sale. Reduced financing margins and a drop in interest rates helped the dividends grow nicely,’ chairman Steven Herring said in the integrated report that was also released on Friday.

He said that the Shoprite brand had once again run away with the gold medal and was the choice retailer in their food segment of the market.