Half Year 2024 Growthpoint Properties Ltd Earnings Call Transcript
Key Points
- Growthpoint Properties Ltd (JSE:GRT) reported a strong performance from its V&A Waterfront property, with net property income increasing by 17.2% driven by a 109% increase in turnover rental.
- The company successfully disposed of nine properties for ZAR635 million and a residential development for ZAR141 million, generating a profit of ZAR21 million.
- Growthpoint Properties Ltd (JSE:GRT) signed a purchase power agreement securing 195 gigawatt hours of green energy, estimated to cover 32% of current usage, starting in mid-2025.
- The company maintained a strong liquidity position with ZAR6.2 billion worth of unutilized committed bank debt facilities and ZAR1 billion of cash on the balance sheet.
- Growthpoint Properties Ltd (JSE:GRT) saw a positive contribution from its V&A Waterfront and Growthpoint Australia investments, with the latter delivering an extra ZAR18 million due to favorable currency movements and tax adjustments.
- Group LTV increased from 40% to 42%, driven by property value write-downs in Australia and South Africa, and additional debt levels.
- Distributable income per share and dividend per share decreased by 8.6%, with overall distributable income down 9.3% compared to the prior period.
- The company's property expenses increased by 7.1%, and other operating expenses rose by 19.2%, impacting net property income which fell by 3.5%.
- Finance costs surged by 16.9% to over ZAR2.1 billion, driven by rising interest rates and higher debt levels.
- The healthcare fund's contribution was down ZAR21 million due to selling down shareholding and elevated arrears, impacting overall liquidity and dividend payouts.
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All right. Good afternoon, everybody. If you could just take your seats please and make yourself comfortable. Like to get the show on the road. I think we do have a number of participants online as well. So we don't want to keep everybody waiting. We're going to trying to do this. We've never managed, so the dual try sort of 1 hour and 15 depends on how difficult the topics are.
And if okay, we'll just leave the questions till after if that's all right. Thank you very much.
Just again as well, the online questions I think Lauren will handle the online questions afterwards. But thank you all very much for joining us here today, and welcome to Growthpoint's results presentation for the six months to December 2023.
I hope you all enjoyed this very spectacular venue that we once again managed to secure a truly probably one of the best, the best views and best venues to mine in the country to host results, that's for sure. Right, so just to flicking through the agenda of give a bit of an
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