Retail-focused landlord Resilient said its rollout of its own energy supply as well as less load shedding helped support it during its year to end-December, when it regardless took a blow from higher interest rates.
Distributable earnings fell about 9.3% to R1.3 billion the company battled with an about 71% surge in net finance costs to R525.6 million, though this was also offset somewhat by foreign exchange gains, rather than losses. The group cut its total dividend 7.3% to about R4.38, having guided about R4, while it also spent about R255 million buying back its own shares.
The results were ahead of guidance mainly due to less load shedding experienced in the portfolio compared to what was expected, particularly in the months of November and December, it said.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
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