Investment group RMB Holdings (RMH) said on Friday that its net asset value per share dropped 19% to R2.64 in the six months to end-September, as a result of the payment of the special dividend first announced in May.
Excluding the R1.1bn special dividend, the net asset value per share rose 7% during the period, boosted by the rand versus euro exchange rate, which contributed R20m.
Its subsidiary RMH Property, which houses property investments, also contributed to improvement financial performance.
The gross value of RMH Property rose 9% to R2.80bn as net asset value of its underlying investee businesses rose.
RMH Property holds a 37.5% stake in Atterbury Europe, which has retail and office property portfolio. It also has a 27.5% interest in Atterbury in SA, which has office, retail and industrial property assets.
“While both the local and international investees have been experiencing some improvement in their operating results, it is still too early to predict the permanent impact that the hybrid work from home phenomenon will have on the office sector,” the company said in a statement
“Early indications are that the offshore assets will not be as heavily impacted as in the local market as property fundamentals before the pandemic were already quite different. Most the large SA corporates have announced planned reductions in their physical real estate footprint over time.”
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.