- Six-month inclusion of Tower Property Fund business upturns profit
- Forecasts profit to increase by up to P51.8 million
The Board of Directors of RDC Properties Limited has advised its shareholders in a trading update issued on the Botswana Stock Exchange (BSE) that profit before tax for the half-year ended 30 June 2022 will be approximately between 170 percent and 190 percent higher compared to the prior period.
According to the property management group, this is P46.4 million to P51.8 million higher than the P27.3 million reported for the period ended 30 June 2021.
“The main reason for the increase is the full six-month inclusion of the Tower Property Fund Limited business, acquired effective 28 December 2021,” RDC Properties explains in the update.
“The business acquisition increased RDC Properties Limited footprint in the South African and Croatian property markets. Further, the results were supported by a favourable BWP/ZAR exchange rate and the fair value increase in the interest rate derivatives.”
The company says the trading update was based on preliminary assessment made by the Board based on information made available to the Board.
“Full details will be provided upon the release of the final abridged un-audited financial results for the period, which will be on 23 September 2022, and the actual results may differ from those disclosed herein.”
In updating its shareholders, RDC Properties was fulfilling the listing requirements of the BSE which mandate it to issue a cautionary announcement if the expected profit or loss (before tax) for the period to be reported upon next will differ by at least 10 percent from the most recent financial results for the previous corresponding period.
RDC Properties Limited is a property management, development and rental company in Botswana. It also has interests in Madagascar through a Mauritian-based subsidiary.