Safari Investments’ earnings fall as malls struggle through 2020
Mall owner says property revenue decreased 7% in the half-year to September
23 November 2020 - 19:16
Property group Safari Investments, which owns eight malls in towns and semi-urban areas, was unable to ward off the ills of Covid-19 and the subsequent lockdown, with the company’s rentals coming under pressure even though many of its tenants’ main sales are essential items such as food and medicines.
The group, whose portfolio is worth R3.3bn and has a market capitalisation of R1bn, saw its earnings per share and headline earnings per share collapse 80% to 5.70c in the six months to September, from 27.92c in the prior corresponding period...
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