Despite the tough domestic economic environment, JSE-listed property company Rebosis declared a dividend of 60.80c apiece for the six months to February 28.
This amounted to a 7.1% year-on-year growth, within the company’s 7% to 9% guidance for the full year.
Meanwhile, the company reported 40.3% year-on-year growth in its portfolio to R18.18-billion as a result of its R4.9-billion acquisition of Billion Property Developments in September 2016. This contributed revenue of R188-million and profit after tax of R62.3-million for the six months under review.
Group profit for the six months increased to R1.42-billion, up from the R1.38-billion it reported in the same period the year before.
However, property expenses also increased year-on-year, with the net cost-to-income ratio increasing from 13% to 15%.