DIPULA PROPERTIES LIMITED - Unaudited condensed consolidated interim financial results for the six months ended 28 February 2025

Unaudited condensed consolidated interim financial results for the six months ended 28 February 2025

Dipula Properties Limited
(Previously Dipula Income Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIB
ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the Company")

Short-Form Announcement:
Unaudited Condensed Consolidated Interim Financial Results for the six months ended 28 February 2025

Salient features
- Revenue R760.1 million (2024: R755.0 million)
- Distributable earnings per ordinary share 28.44660 cents (2024: 27.30705 cents)
- Dividend per ordinary share 25.60194 cents (2024: 24.57634 cents)
- Basic earnings per ordinary share 27.57 cents (2024: 23.53 cents)
- Headline earnings per ordinary share 27.51 cents (2024: 26.18 cents*)
- NAV per ordinary share R7.01 (2024: R6.60)
- Net profit before finance costs R424.0 million (2024: R384.8 million)
- Attributable comprehensive income R251.0 million (2024: R211.6 million)
* Comparative figures for the period ended 29 February 2024 have been restated to account for the
  correct treatment of the fair value straight-line rental income accrual in accordance with the
  recommendations of SAICA Circular 1/2023.

BUSINESS OVERVIEW
Dipula is an internally managed, South Africa focused Real Estate Investment Trust ("REIT") that owns a
portfolio of retail, office, industrial and residential property assets throughout South Africa, with 
the majority of the portfolio located in Gauteng. Dipula's strategy is to own a defensive portfolio 
with a bias towards convenience, rural and township retail centres.

PAYMENT OF DIVIDEND
The board has approved, and notice is hereby given of the interim gross dividend (dividend number 26) for
the period 1 September 2024 to 28 February 2025 of 25.60194 cents per ordinary share.

The dividend is payable to Dipula shareholders in accordance with the timetable set out below:

Last day to trade cum dividend       Tuesday, 3 June 2025
Shares trade ex-dividend           Wednesday, 4 June 2025
Record date                           Friday, 6 June 2025
Payment date                          Monday, 9 June 2025

Share certificates may not be dematerialised or rematerialised between Wednesday, 4 June 2025 and
Friday, 6 June 2025, both days inclusive. The dividend will be transferred to dematerialised shareholders'
CSDP accounts/broker accounts on Monday, 9 June 2025.

TAX TREATMENT
An announcement relating to the tax treatment of distributions to shareholders will be released on SENS
separately.

SHORT-FORM ANNOUNCEMENT
The contents of this short-form announcement are the responsibility of the board of directors of Dipula.
The information above is extracted from the unaudited condensed consolidated interim results for the six
months ended 28 February 2025 and does not contain full or complete details of the financial results. Any
investment decisions made by investors should be based on consideration of the full announcement which
is available for viewing on the Company's website at:
https://dipula.co.za/content/uploads/2025/05/interim-results-feb-2025.pdf
and on the JSE's website at: https://senspdf.jse.co.za/documents/2025/JSE/ISSE/DPL/HY2025.pdf

Johannesburg

14 May 2025

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
S Moodley (FD)
Z Adams*
BH Azizollahoff*#
N Khoele*
K Teeroovengadum^
* Independent non-executive
# British
^ Mauritian

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
JSE Investor Services

Corporate advisor and sponsor
Java Capital

Company secretary
Acorim

Independent auditors
Forvis Mazars Gauteng

Date: 14-05-2025 08:00:00
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