RDC Properties Limited has reported a robust set of results for the half year ended 30 June 2025, with profit before tax rising 21% to P50 million from P41 million in the prior period.
Profit attributable to shareholders surged 30% to P35 million, supported by stronger operating performance, selective disposals, and lower finance costs from easing interest rates in South Africa and Croatia.
The results are perhaps a great way for the company to lick its wounds following a failed takeover bid of PrimeTime Properties. RDC had to shelve the takeover after failing to secure the minimum required support from PrimeTime unitholders.
Total comprehensive income soared 129% to P162 million, while interim distributions nearly doubled to P42 million, up from P22 million a year earlier. Net property income edged up 3% to P181 million despite a 1% dip in revenue to P285 million, reflecting the impact of asset sales worth P112 million.
The Group’s investment portfolio expanded to P6.0 billion, up P100 million year-on-year, with net asset value attributable to shareholders climbing 10% to P2.77 billion. The loan-to-value ratio improved to 41.4% from 43.2% as the company pursued refinancing and debt optimisation initiatives.
Operationally, RDC reduced its overall vacancy by revenue to 5.2% from 7% in June 2024, with 43,800m² in new and renewed leases. Its Western Cape portfolio continued to outperform with a vacancy rate of just 1.9%, while demand for luxury apartments at Cape Town’s Old Cape Quarter remained strong.
In Botswana, commercial activity was resilient, with 7,000m² in new and renewed leases, leaving vacancy by revenue at 6.5%. In Croatia, the portfolio achieved 0% vacancy and premium rentals, reinforcing its role in RDC’s currency hedging strategy.
The Group is also advancing several property improvement projects, including the reconstruction of Chobe Marina Lodge, set to reopen in 2026, and refurbishments at the David Livingstone Safari Lodge & Spa and the Gaborone Protea Marriott Hotel.
Following the reporting period, RDC executed a bonus share issue, granting one bonus unit for every four held. This resulted in nearly 190 million new units listed on the Botswana Stock Exchange in July.
Board changes were also confirmed, with the appointment of Tshepiso Mganga and Lorato Mosetlhanyane, raising female representation on the board to 50%.
RDC declared an interim dividend of 0.057 thebe per share and 4.391 thebe per debenture, amounting to a total distribution of P42 million, payable on 30 October 2025.
Chairman Andrew Bradley said the results validated RDC’s diversification strategy. “Despite Botswana’s economic headwinds, our expansion into deeper, stronger markets has been key to sustaining growth and enhancing shareholder returns.”