RDC Properties, one of the top property outfits this week brightened shareholders’ faces with news that revenue for full year(FY) will peak at 44 percent higher than prior corresponding period. The company, which owns the half a billion Pula Masa Centre, did not explicitly state reasons that contributed to the company’s revenue. A statement released by the Botswana Stock Exchange (BSE) listed company also stated that profit from operations is ‘expected to be five percent higher than the previous year’. For the year to December 2011, the company that is under Jacopo Pari recorded a gross revenue growth of seven percent to P32.2 million over the 2011 results. In an interview with BG Business last year, Financial Manager France Mabiletsa said, Masa Centre’s rental revenues would contribute about 40 percent of RDC’s total rental revenue.
The company said it expects Masa Centre to contribute over 60 percent of RDC’s total rent collection by year end, which would be equivalent to 15 percent of the group’s total portfolio. Masa is currently raking in an excess of P30 million in rentals annual. Meanwhile, it was not all-good news as profit after tax (PAT) is expected to decline by 12 percent
“This expected decrease in PAT has resulted from the company adopting the revised International Financial Reporting Standards (IFRSs),” explained a statement that was issued by Stockbrokers Botswana on behalf of the company.
The company also raised flag that income tax is expected to increase by 144 percent. RDC, which owns properties ranging from warehouses, office and retail stores, retail said financial results are still under review and will be released before the end of the month.
Shares of the company traded 690 thebe on Wednesday morning.