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Hyprop Investments, whose interests include Canal Walk, Hyde Park Corner and Rosebank Mall, said on Wednesday a strong operating result was offset by higher interest rates and a hit in Nigeria in its six months to end-December.
Distributable earnings fell 8.3% to R668 million in the first half of its financial year, with group reporting a R33 million foreign exchange loss amid an unprecedented devaluation of the Nigerian naira. Amid these challenges, it now expects a 15% to 20% fall in its distributable earnings per share for 2024, from a 10% to 15% fall previously.
The group also cited challenges facing SA's retailers, notably major anchor tenant Pick n Pay, in its decision not to pay an interim dividend. Along with the prospect of elevated interest rates, there is the risk of "the potential default of the South African government on its financial commitments and the heightened political and economic risk in South Africa ahead of the elections in May 2024," it said.
