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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

RDC Properties

RDCP · Botswana Stock Exchange · Consolidated statements

On this page
Company details
Legal name
RDC Properties Limited
Listing
RDCP on the Botswana Stock Exchange, active (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    Not reported in this filing

  • Operating profit / (loss)

    BWP 474 million

    474,223 BWP thousands · p60

    +16.1% vs 2024

  • Profit / (loss) for the year

    BWP 237 million

    236,829 BWP thousands · p60

    +52.2% vs 2024

  • Total assets

    BWP 6.36 billion

    6,356,002 BWP thousands · p61

    +2.8% vs 2024

  • Total equity

    BWP 3.46 billion

    3,459,929 BWP thousands · p61

    +6.9% vs 2024

  • Cash from operations

    BWP 427 million

    426,709 BWP thousands · p64

    +16.9% vs 2024

Large amounts are rounded for reading (BWP million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in BWP thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, BWP thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Contractual lease rental revenue1 589,503 582,960
Straight-line rental adjustment2 11,396 (11,146)
Rental revenue (unlabelled subtotal)3 600,899 571,814
Net property operating expenses4 (213,957) (214,973)
Net Property Income5 386,942 356,841
Revenue from the sale of inventory6 52,688 56,375
Cost of sales (52,041) (57,097)
Gross Profit from operations 387,589 356,119
Other operating expenses (58,456) (48,251)
Gains from joint venture 3,753 13,269
Other foreign exchange gains/(losses) (5,405) 7,419
Other operating income 14,621 7,863
Profit on the sale of subsidiary7 –8 5,961
Profit from operations before fair value adjustments9 342,102 342,380
(Loss)/gain arising on fair valuation of investments (26) (24,118)
(Loss)/gain arising on fair valuation of interest rate derivatives10 (2,661) (18,166)
Gain arising on revaluation of investment properties11 134,808 108,475
Profit from operations 474,223 408,571
Investment income12 10,274 5,580
Finance costs (221,124) (239,627)
Profit before tax 263,373 174,524
Income tax expense (26,544) (19,767)
Profit for the year from continuing operations13 236,829 154,757
Profit for the year from discontinued operations14 –15 816
Profit for the year 236,829 155,573
Other comprehensive income/(loss) for the year 111,516 6,195
Total comprehensive income for the year 348,345 161,768
Non-controlling interests16 44,571 31,639
  1. Printed “–”, read as nil: subtotal_arithmetic: is.native.co_4wavj4nyq4ka.profit_before_fair_value_adjustments.
  2. Printed “–”, read as nil: subtotal_arithmetic: is.profit_for_year.
Notes and alternative reported figures (14)
  1. “Contractual lease rental revenue” is an issuer-specific line, not mapped to a shared definition: Note 2: contractual rental revenue under leases.
  2. “Straight-line rental adjustment” is an issuer-specific line, not mapped to a shared definition: IFRS 16 straight-lining of lease income, added to contractual rental revenue.
  3. “Rental revenue (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal under 'Revenue': contractual lease rental revenue plus the straight-line rental adjustment.
  4. “Net property operating expenses” is an issuer-specific line, not mapped to a shared definition: Property operating expenses net of recoveries.
  5. “Net Property Income” is an issuer-specific line, not mapped to a shared definition: Rental revenue less net property operating expenses.
  6. “Revenue from the sale of inventory” is an issuer-specific line, not mapped to a shared definition: Note 2: revenue from sale of inventory properties, printed apart from rental revenue.
  7. “Profit on the sale of subsidiary” is an issuer-specific line, not mapped to a shared definition: Profit on disposal of a subsidiary.
  8. “Profit from operations before fair value adjustments” is an issuer-specific line, not mapped to a shared definition: Printed subtotal before fair value adjustments.
  9. “(Loss)/gain arising on fair valuation of interest rate derivatives” is an issuer-specific line, not mapped to a shared definition: Note 23.
  10. “Gain arising on revaluation of investment properties” is an issuer-specific line, not mapped to a shared definition: Note 11: fair value gain on investment property.
  11. “Investment income” is an issuer-specific line, not mapped to a shared definition: Note 5: interest and dividend income, below profit from operations.
  12. “Profit for the year from continuing operations” is an issuer-specific line, not mapped to a shared definition: Profit after tax from continuing operations.
  13. “Profit for the year from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Profit after tax from discontinued operations.
  14. “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: The non-controlling interests' share of profit for the year.

Balance sheet

Balance sheet, BWP thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 36,560 28,264
Investments1 21,779 24,305
Investments in joint ventures 117,733 127,821
Long-term loan receivables2 12,166 30,236
Investment properties 5,676,518 5,415,939
Financial assets at fair value through other comprehensive income 11,594 9,698
Intangible asset 1,000 1,000
Trade and other receivables3 18,950 26,343
Rental receivable – straight-line rental adjustment4 30,051 18,655
Non-current assets (unlabelled subtotal) 5,926,351 5,682,261
Trade and other receivables 127,467 122,009
Inventories 65,792 110,835
Investment property held for sale5 –6 154,406
Cash and cash equivalents 236,392 116,297
Current assets (unlabelled subtotal) 429,651 503,547
Total Assets 6,356,002 6,185,808
Stated capital 1,452,479 1,058,199
Debentures7 303,293 242,634
Accumulated profits 1,033,368 1,360,574
Investments revaluation reserve8 3,233 5,679
Joint Venture Share of OCI Reserve9 46,046 35,823
Foreign currency translation reserve10 107,868 4,129
Equity attributable to owners of the parent 2,946,287 2,707,038
Non-controlling interests 513,642 528,782
Total equity 3,459,929 3,235,820
Long-term borrowings 2,198,666 1,196,535
Deferred tax liabilities 223,129 218,581
Non-current liabilities (unlabelled subtotal) 2,421,795 1,415,116
Trade and other payables 183,601 143,725
Bank overdraft 2,821 1,761
Current tax liabilities 2,770 1,567
Current portion of long-term borrowings 285,086 1,387,819
Current liabilities (unlabelled subtotal) 474,278 1,534,872
Total Equity and Liabilities 6,356,002 6,185,808
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.current_assets.
Notes and alternative reported figures (9)
  1. “Investments” is an issuer-specific line, not mapped to a shared definition: Note 9: investments (non-current).
  2. “Long-term loan receivables” is an issuer-specific line, not mapped to a shared definition: Note 10 (non-current).
  3. “Trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Note 14: the non-current portion, printed under non-current assets.
  4. “Rental receivable – straight-line rental adjustment” is an issuer-specific line, not mapped to a shared definition: Accrued straight-line rental asset (non-current).
  5. “Investment property held for sale” is an issuer-specific line, not mapped to a shared definition: Note 16 (current).
  6. “Debentures” is an issuer-specific line, not mapped to a shared definition: Note 19: debentures forming part of the linked units, presented within capital and reserves.
  7. “Investments revaluation reserve”: mapping to a shared definition is uncertain. Reserve for fair value movements of financial assets at fair value through OCI (note 12), printed as 'Investments revaluation reserve'.
  8. “Joint Venture Share of OCI Reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve for the share of joint-venture other comprehensive income.
  9. “Foreign currency translation reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.

Cash flow

Cash flow, BWP thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Operating income before working capital changes1 344,868 335,616
Decrease in trade and other receivables2 1,935 (9,326)
Increase/(decrease) in trade and other payables3 39,875 (12,232)
Decrease in inventory4 51,549 56,375
Taxation paid (11,518) (5,262)
Net cash generated from operating activities 426,709 365,171
Purchase of property, plant and equipment (13,647) (1,022)
Investment property additions5 (24,157) (47,726)
Investment income6 10,210 5,521
Dividend income7 64 59
Net movement in Financial assets at fair value through OCI8 (1,896) –9
Long-term loan receivable given during the year10 18,070 (6,451)
Net movement in investments11 2,526 –9
Disposals of investment property not held for sale12 20,381 –9
Sale of investment properties previously held for sale13 154,406 99,738
Net cash generated from/(utilised in) investing activities 165,957 50,119
Dividends paid (2,012) (1,941)
Debenture interest paid14 (80,145) (39,572)
Dividends paid to non-controlling interest15 (23,617) (51,824)
Finance costs16 (221,124) (239,627)
Long-term loans raised 242,689 237,239
Long-term loans repaid (343,291) (254,780)
Net cash utilised in financing activities (427,500) (350,505)
Net movement in cash and cash equivalents 165,166 64,785
Cash and cash equivalents at beginning of year 114,536 73,106
Effects of exchange rates (46,131) (23,355)
Cash and cash equivalents at end of year 233,571 114,536
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (15)
  1. “Operating income before working capital changes” is an issuer-specific line, not mapped to a shared definition: Profit from operations adjusted for non-cash items.
  2. “Decrease in trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Working capital change (the 2024 figure is printed negative under this label).
  3. “Increase/(decrease) in trade and other payables” is an issuer-specific line, not mapped to a shared definition: Working capital change.
  4. “Decrease in inventory” is an issuer-specific line, not mapped to a shared definition: Working capital change.
  5. “Investment property additions” is an issuer-specific line, not mapped to a shared definition: Investing.
  6. “Investment income” is an issuer-specific line, not mapped to a shared definition: Investing: investment (interest) income received.
  7. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Investing (note 5): dividends received.
  8. “Net movement in Financial assets at fair value through OCI” is an issuer-specific line, not mapped to a shared definition: Investing (note 12).
  9. “Long-term loan receivable given during the year” is an issuer-specific line, not mapped to a shared definition: Investing (note 10); the 2025 figure is printed positive under this label.
  10. “Net movement in investments” is an issuer-specific line, not mapped to a shared definition: Investing (note 9).
  11. “Disposals of investment property not held for sale” is an issuer-specific line, not mapped to a shared definition: Investing (note 11).
  12. “Sale of investment properties previously held for sale” is an issuer-specific line, not mapped to a shared definition: Investing.
  13. “Debenture interest paid” is an issuer-specific line, not mapped to a shared definition: Financing: interest paid on linked-unit debentures.
  14. “Dividends paid to non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Financing.
  15. “Finance costs” is an issuer-specific line, not mapped to a shared definition: Financing (note 6): finance costs paid.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)3 0.22151 0.17492
Profit / (loss) attributable to shareholders (BWP thousands)4 192,258 123,934
Weighted average shares (shares)65 840,807,511 758,232,937
Shares in issue at year end (shares)87 947,790,922 758,232,937
  1. Printed as 22.15 thebe; value converted to BWP at 100 thebe = 1 BWP.
  2. Printed as 17.49 thebe; value converted to BWP at 100 thebe = 1 BWP.
Notes and alternative reported figures (6)
  1. Earnings / (loss) per share: printed as “Earnings per linked unit (thebe)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the Company”.
  3. “Average number of linked units in issue”: mapping to a shared definition is uncertain. Average linked units in issue; printed in units, not P'000.
  4. Weighted average shares: printed as “Average number of linked units in issue”.
  5. “Number of linked units in issue at year-end”: mapping to a shared definition is uncertain. Linked units (one ordinary share and one debenture each) in issue at year end; printed in units, not P'000.
  6. Shares in issue at year end: printed as “Number of linked units in issue at year-end”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid (2,012) BWP thousands Annual report, p64
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (1,941) BWP thousands Annual report, p64

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • RDC Properties Limited Integrated Annual Report 2025 — Annual Financial Statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Grant Thornton (Firm of Certified Auditors, Gaborone), unmodified opinion · signed

    Auditor's sign-off: Grant Thornton; Practising member: Madhavan Venkatachary (CAP 0017 2026)

    Final status: Independent auditor's report hand-signed 'Grant Thornton' (Firm of Certified Auditors; practising member Madhavan Venkatachary, CAP 0017 2026) and dated 30 March 2026, Gaborone (PDF p59, printed p57, page image); the opinion (PDF p58) covers the consolidated and separate statements on pages 58 to 99. Directors' approval: approved by the Board on 19 March 2026 and hand-signed by A. Bradley (Chair) and G.R. Giachetti (Vice Chair) (PDF p57, printed p55, page image).

    Document date
    30 Mar 2026
    Published
    13 May 2026
    Auditor's report
    30 Mar 2026
    Board approval
    19 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · BWP thousands (printed “P'000”)
    • Earnings per linked unit (22.15; 2024: 17.49 thebe) does not equal profit attributable to owners divided by the average linked units (192,258 / 840,807,511 = 22.87; 2024: 16.35). The statement says it is 'based on the average number of linked units in issue and profit for the year attributable to the owners of the Company, adjusted for taxation on debenture interest credited to the Statement of Changes in Equity of: 209,890 132,640' (p60). Kept as printed; the two ps.eps check fails reflect this adjustment.
    • Cash flow lines printed against their labels' direction are kept as printed: 'Decrease in trade and other receivables' (9,326) for 2024 and 'Long-term loan receivable given during the year' 18,070 for 2025 (p64).
    • No total revenue line is printed: rental revenue (an unlabelled subtotal of contractual lease rental revenue and the straight-line rental adjustment, 600,899; 2024: 571,814) and revenue from the sale of inventory (52,688; 2024: 56,375) are printed separately (p60). No total-liabilities line is printed; non-current assets, current assets, non-current and current liabilities are unlabelled subtotals (p61).
    • The income statement prints 'Net valuation' 146,204 (2024: 97,329) and 'Adjusted for straight-line rental adjustment' (11,396) (2024: 11,146) above profit from operations; profit from operations (474,223) equals profit before fair value adjustments plus the three fair value lines (p60), so the two memo lines are not part of the sum and are not transcribed.
    • Earnings per linked unit (one ordinary share and one debenture) is printed in thebe (22.15; 2024: 17.49), diluted printed identically; distribution, interest and dividend per linked unit are printed on the income statement (p60). Linked units in issue and average linked units are printed in units.
    Technical details
    File
    112 pages, with a text layer
    SHA-256
    89199fab1a747f6dbcc576d94032a8321f6a216ebe3efbb7387f3b45ff55c4d1
    Entity as printed
    RDC Properties Limited (the Company and Group)
    Exchange copy
    retrieved 2026-10-08T18:13:22Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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