SA Corporate Real Estate Limited (JSE: SAC)

SA Corporate Real Estate Income Statement

Financials in millions ZAR. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Rental Revenue	2,829	2,480	2,042	2,121	2,062	2,284
Other Revenue	-34.85	56.52	246.53	-36.29	-59.69	17.44
Total Revenue	2,795	2,537	2,289	2,085	2,002	2,301
Revenue Growth (YoY	9.79%	10.83%	9.78%	4.13%	-12.99%	-2.00%
Property Expenses	1,299	1,073	875.48	848.67	828.88	843.44
Selling, General & Administrative	17.05	17.05	11.58	13	12.7	10.32
Depreciation & Amortization	26.14	26.14	12	11.53	24.29	12.4
Provision for Loan Losses	-	-	-	-	-2.21	-
Other Operating Expenses	169.5	166.87	136.58	123.71	106.29	81.09
Total Operating Expenses	1,544	1,304	1,058	1,053	1,084	982.68
Operating Income	1,250	1,233	1,231	1,032	918.22	1,319
Interest Expense	-774.73	-673.9	-287.52	-238.29	-872.53	-582.53
Interest & Investment Income	47.84	48.9	33.89	39.76	51.78	83.41
Currency Exchange Gain (Loss)	17.79	-40.21	-27.06	-44.49	-41.01	17.19
Other Non-Operating Income	50.12	114.21	-0.28	6.92	-9.76	-5.2
EBT Excluding Unusual Items	591.48	682.2	949.73	796.15	46.7	831.57
Gain (Loss) on Sale of Investments	3.26	-0.91	-126.7	22.85	-6.1	-13.32
Gain (Loss) on Sale of Assets	-39.29	-55.77	-5.33	-21.72	-18.29	-9.26
Total Insurance Settlements	0.41	0.41	52.61	331.5	-	-
Asset Writedown	659.05	599	1.22	-502.01	-1,517	-563.65
Other Unusual Items	-8.4	-8.4	-48.6	-	3.58	1.85
Pretax Income	1,206	1,217	822.92	626.76	-1,491	247.2
Income Tax Expense	10.12	7.58	3.61	5.88	2.18	-5.73
Earnings From Continuing Operations	1,196	1,209	819.31	620.88	-1,494	252.93
Minority Interest in Earnings	-	-	-	-	-	-17.33
Net Income	1,196	1,209	819.31	620.88	-1,494	235.6
Net Income to Common	1,196	1,209	819.31	620.88	-1,494	235.6
Net Income Growth	82.64%	47.56%	31.96%	-	-	-72.21%
Basic Shares Outstanding	2,486	2,491	2,489	2,515	2,515	2,527
Diluted Shares Outstanding	2,500	2,501	2,500	2,515	2,515	2,527
Shares Change (YoY)	0.27%	0.03%	-0.58%	-	-0.48%	-0.15%
EPS (Basic)	0.48	0.49	0.33	0.25	-0.59	0.09
EPS (Diluted)	0.48	0.48	0.33	0.25	-0.59	0.09
EPS Growth	82.16%	47.51%	32.73%	-	-	-72.18%
Dividend Per Share	0.239	0.232	0.241	0.229	0.303	0.380
Dividend Growth	5.91%	-4.00%	5.50%	-24.46%	-20.35%	-9.90%
Operating Margin	44.75%	48.61%	53.77%	49.50%	45.85%	57.30%
Profit Margin	42.81%	47.65%	35.79%	29.78%	-74.58%	10.24%
Free Cash Flow Margin	24.94%	28.79%	19.64%	34.33%	33.62%	41.79%
EBITDA	1,256	1,238	1,236	1,038	924.38	1,325
EBITDA Margin	44.94%	48.81%	54.01%	49.76%	46.16%	57.57%
D&A For Ebitda	5.37	5.2	5.55	5.28	6.16	6.2
EBIT	1,250	1,233	1,231	1,032	918.22	1,319
EBIT Margin	44.75%	48.61%	53.77%	49.50%	45.85%	57.30%
Funds From Operations (FFO)	667.96	647.79	674.76	639.46	601.14	959.97
Adjusted Funds From Operations (AFFO)	-	647.79	674.76	639.46	601.14	959.97
FFO Payout Ratio	87.28%	87.61%	95.33%	110.91%	73.88%	107.81%
Effective Tax Rate	0.84%	0.62%	0.44%	0.94%	-	-

Source: S&P Capital IQ. Real Estate template. Financial Sources.