Property group RDC Properties Limited has reported steady financial growth for the year ended 31 December 2024, attributing its performance to a well-diversified portfolio across sectors and regions.
The group’s total portfolio value declined marginally to P5.92 billion from P5.99 billion in 2023, despite the sale of non-strategic assets worth P140 million. Revenue increased by 2 percent to P572 million, up from P561 million the previous year.
Group chairman Andrew Bradley highlighted the portfolio’s resilience, noting that profit from operations before fair value adjustments grew by 11 percent to P342 million. “The solidity of our portfolio is evident in these operational results,” Bradley said. Pretax profit declined by 3 percent due to a one-off P27 million gain from the David Livingstone Safari Lodge acquisition in 2023.
Geographically, South Africa accounted for 48 percent of the portfolio value and 65 percent of revenue, followed by Botswana (26 percent by value, 17 percent revenue) and Croatia (23 percent by value, 18 percent revenue). The remaining assets are spread across Zambia (1.6 percent), Madagascar and Mozambique (1 percent each), and the United States (0.4 percent).
The group improved its vacancy rate significantly, reducing from 11.3 percent to 8.2 percent of total gross leasable area. New leases and renewals totaling 91,682 square meters were secured during the year.
“Gauteng showed the strongest improvement, with vacancies falling from 26.6 percent to 17.7 percent,” Bradley noted. “In Botswana, demand for Gaborone CBD office space has increased, though overall vacancies remain stable at 8.4 percent.”
RDC’s Croatian properties maintained full occupancy, while the group recorded a P108.5 million revaluation gain on 66 percent of its portfolio. Hospitality assets continue to perform well, with ongoing upgrades planned for key properties including Protea Marriott Masa and David Livingstone Safari Lodge.
The company has received a P10 million insurance advance for the fire-damaged Chobe Marina Lodge, with reconstruction plans well advanced. “These strategic investments will enhance our market positioning and drive future growth,” Bradley concluded.
