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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

SA Corporate

SAC · A2X Markets · Incorporated in South Africa · Consolidated statements

On this page
Company details
Legal name
SA Corporate Real Estate Limited
Incorporated in
South Africa
Listing
SAC on the A2X Markets, active · ISIN ZAE000203238 (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 · audited financial statements, signed / final · source

  • Revenue

    ZAR 2.92 billion

    2,922,446 ZAR thousands · p21

    −0.6% vs 2024

  • Operating profit / (loss)

    ZAR 1.18 billion

    1,179,260 ZAR thousands · p21

    −16.2% vs 2024

  • Profit / (loss) for the year

    ZAR 564 million

    564,012 ZAR thousands · p21

    −12.7% vs 2024

  • Total assets

    ZAR 21.5 billion

    21,463,542 ZAR thousands · p20

    +3.4% vs 2024

  • Total equity

    ZAR 11.6 billion

    11,555,324 ZAR thousands · p20

    +3.5% vs 2024

  • Cash from operations

    ZAR 15.4 million

    15,446 ZAR thousands · p24

    −81.8% vs 2024

Large amounts are rounded for reading (ZAR 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 ZAR 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 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, ZAR thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Revenue 2,922,446 2,940,965
Expected credit losses (19,632) (29,078)
Fair value (loss)/gain on investment property (1)1 (162,302) 16,504
Operating expenses2 (1,561,252) (1,521,244)
Operating profit 1,179,260 1,407,147
Other (loss)/gain income3 –4 (2,163)
Foreign exchange adjustments (2) 56,882 (5,012)
Fair value loss on swap derivatives5 (120,047) (63,067)
Capital gain/(loss) on disposal of assets (3)6 9,196 (15,520)
Fair value loss on investments in subsidiary companies7 –4 –4
Profit and fair value gain on investments in JVs and associate (4) 146,645 55,254
Interest income 50,860 32,279
Interest expense (749,602) (763,805)
Profit before taxation 573,194 645,113
Taxation (expense)/income (9,182) 717
Profit after taxation for the year 564,012 645,830
Foreign exchange adjustments (5) (239,229) 93,473
Total comprehensive income for the year 324,783 739,303
  1. Printed “–”, read as nil: subtotal_arithmetic: is.profit_before_tax.
Notes and alternative reported figures (6)
  1. “Fair value (loss)/gain on investment property (1)” is an issuer-specific line, not mapped to a shared definition: Notes 5 and 16 (within operating profit).
  2. “Operating expenses” is an issuer-specific line, not mapped to a shared definition: Note 24.
  3. “Other (loss)/gain income” is an issuer-specific line, not mapped to a shared definition: Below operating profit.
  4. “Fair value loss on swap derivatives” is an issuer-specific line, not mapped to a shared definition: Note 13.
  5. “Capital gain/(loss) on disposal of assets (3)” is an issuer-specific line, not mapped to a shared definition: Investment property, PPE and subsidiaries.
  6. “Fair value loss on investments in subsidiary companies” is an issuer-specific line, not mapped to a shared definition: Note 7 (Group: nil).

Balance sheet

Balance sheet, ZAR thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Investment property 16,770,398 16,858,828
- Investment property excluding straight-line rental adjustment1 16,421,588 16,500,409
- Rental receivable - straight-line rental adjustment2 332,129 342,728
- Letting commissions and tenant installations3 16,681 15,691
Investments in JVs and associate4 1,359,245 1,455,440
Investments in subsidiaries5 –6 –6
Loans to subsidiary companies7 –6 –6
Property, plant and equipment 112,225 62,026
Intangible assets and goodwill 81,904 81,904
Right-of-use assets 53,007 34,130
Other financial assets8 122,376 21,811
Swap derivatives9 –6 1,753
Deferred taxation 4,193 9,806
Non-current assets 18,503,348 18,525,698
Inventories 894 388
Letting commissions and tenant installations10 18,817 16,449
Loans to subsidiary companies7 –11 –11
Other financial assets8 29,863 22,289
Swap derivatives9 5,230 7,397
Trade and other receivables 354,530 424,571
Cash and cash equivalents 310,665 663,001
Rental receivable - straight-line rental adjustment12 48,206 55,544
Taxation receivable 3,320 2,215
Current assets 771,525 1,191,854
Non-current assets held for sale13 2,188,669 1,044,342
Total Assets 21,463,542 20,761,894
Share capital and reserves 11,555,324 11,161,400
Lease liabilities 51,732 36,058
Loans from subsidiary companies14 –15 –15
Swap derivatives9 87,289 7,895
Interest-bearing borrowings 8,019,575 5,364,573
Deferred taxation 24,099 –15
Non-current liabilities 8,182,695 5,408,526
Lease liabilities 12,083 9,291
Loans from subsidiary companies14 –16 –16
Swap derivatives9 43,688 6,945
Interest-bearing borrowings 909,088 3,413,296
Taxation payable –16 1,549
Trade and other payables 760,664 760,887
Current liabilities 1,725,523 4,191,968
Total Liabilities 9,908,218 9,600,494
Total Equity and Liabilities 21,463,542 20,761,894
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “–”, read as nil: subtotal_arithmetic: bs.current_assets.
  3. Printed “–”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  4. Printed “–”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (12)
  1. “- Investment property excluding straight-line rental adjustment” is an issuer-specific line, not mapped to a shared definition: Note 5; component of investment property.
  2. “- Rental receivable - straight-line rental adjustment” is an issuer-specific line, not mapped to a shared definition: Note 32; component of investment property.
  3. “- Letting commissions and tenant installations” is an issuer-specific line, not mapped to a shared definition: Note 5; component of investment property.
  4. “Investments in JVs and associate” is an issuer-specific line, not mapped to a shared definition: Note 6.
  5. “Investments in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 7 (Group: nil).
  6. “Loans to subsidiary companies” is an issuer-specific line, not mapped to a shared definition: Note 7 (Group: nil).
  7. “Other financial assets” is an issuer-specific line, not mapped to a shared definition: Note 12.
  8. “Swap derivatives” is an issuer-specific line, not mapped to a shared definition: Note 13.
  9. “Letting commissions and tenant installations” is an issuer-specific line, not mapped to a shared definition: Note 5.
  10. “Rental receivable - straight-line rental adjustment” is an issuer-specific line, not mapped to a shared definition: Note 32.
  11. “Non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 16.
  12. “Loans from subsidiary companies” is an issuer-specific line, not mapped to a shared definition: Note 7 (Group: nil).

Cash flow

Cash flow, ZAR thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash generated from/(used in) operations 1,412,502 1,442,869
Interest received 31,581 84,410
Distributions received1 –2 –2
Distributions paid3 (656,775) (601,173)
Interest paid4 (768,826) (831,631)
Taxation paid (3,036) (9,816)
Net cash from/(used in) operating activities 15,446 84,659
Acquisition and improvements of investment property5 (261,088) (310,217)
Loans advanced to subsidiary companies (1)6 –7 –7
Proceeds on disposal of investment property8 390,743 133,589
Increase in letting commissions and tenant installations9 (26,721) (16,764)
Acquisition of property, plant and equipment (22,078) (15,907)
Repayments from JVs10 7,766 41,421
Repayment received from other financial assets11 43,918 10,850
Vendor loans advanced12 (41,508) –7
Proceeds from insurance relating to reinstatement costs13 –7 10,018
Development equity contribution paid14 –7 (53,186)
Proceeds on disposal of subsidiaries15 235,620 –7
Acquisition of subsidiary16 (428,651) –7
Net cash used in investing activities (101,999) (200,196)
Loans from subsidiary companies17 –18 –18
Repurchase of treasury shares19 (36,108) (29,643)
Proceeds from interest-bearing borrowings 262,464 1,845,178
Repayment of interest-bearing borrowings (1,225,181) (1,217,927)
Proceeds from issue of shares20 744,490 –18
Payment on lease liabilities (10,558) (14,097)
Net cash (used in)/ from financing activities (264,893) 583,511
Foreign exchange differences on cash and cash equivalent21 (890) –22
Total cash and cash equivalents movement for the year (352,336) 467,974
Cash and cash equivalents at the beginning of the year 663,001 195,027
Total cash and cash equivalents at the end of the year 310,665 663,001
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  4. Printed “–”, read as nil: subtotal_arithmetic: cf.net_change_in_cash.
Notes and alternative reported figures (18)
  1. “Distributions received” is an issuer-specific line, not mapped to a shared definition: Operating activities (Group: nil).
  2. “Distributions paid” is an issuer-specific line, not mapped to a shared definition: Note 29; presented in operating activities.
  3. “Interest paid”: mapping to a shared definition is uncertain. Interest paid (operating activities); not stated to be limited to interest on borrowings.
  4. “Acquisition and improvements of investment property” is an issuer-specific line, not mapped to a shared definition: Note 31.2.
  5. “Loans advanced to subsidiary companies (1)” is an issuer-specific line, not mapped to a shared definition: Group: nil.
  6. “Proceeds on disposal of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  7. “Increase in letting commissions and tenant installations” is an issuer-specific line, not mapped to a shared definition: Note 5.
  8. “Repayments from JVs” is an issuer-specific line, not mapped to a shared definition: Note 6.
  9. “Repayment received from other financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  10. “Vendor loans advanced” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  11. “Proceeds from insurance relating to reinstatement costs” is an issuer-specific line, not mapped to a shared definition: Investing activities (2024).
  12. “Development equity contribution paid” is an issuer-specific line, not mapped to a shared definition: Note 6 (2024).
  13. “Proceeds on disposal of subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 8.
  14. “Acquisition of subsidiary” is an issuer-specific line, not mapped to a shared definition: Note 8: Riversands.
  15. “Loans from subsidiary companies” is an issuer-specific line, not mapped to a shared definition: Group: nil.
  16. “Repurchase of treasury shares” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  17. “Proceeds from issue of shares” is an issuer-specific line, not mapped to a shared definition: Note 17.
  18. “Foreign exchange differences on cash and cash equivalent” is an issuer-specific line, not mapped to a shared definition: Printed before, and included in, 'Total cash and cash equivalents movement for the year'.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)41 0.21862 0.25983
  1. Printed as 21.86 cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as 25.98 cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (2)
  1. “Basic earnings per share (cents)”: mapping to a shared definition is uncertain. Basic earnings per share; diluted is printed separately and differs (21.59; 2024: 25.66 cents).
  2. Earnings / (loss) per share: printed as “Basic earnings per share (cents)”.

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.

No dividend statement or amount collected.

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.

  • SA Corporate Real Estate Limited Annual Financial Statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: PricewaterhouseCoopers Inc. (AKP Majola, Director), unmodified opinion · signed

    Auditor's sign-off: PricewaterhouseCoopers Inc., Director: AKP Majola, Registered Auditor

    Final status: Independent auditor's report on the consolidated and separate financial statements (unqualified, PDF p15) closes on PDF p19 with the firm signature 'PricewaterhouseCoopers Inc' in script above the typeset 'PricewaterhouseCoopers Inc., Director: AKP Majola, Registered Auditor, Cape Town, South Africa, 12 March 2026' (page image); no separate personal signature of the director is shown. Approved by the Board on 12 March 2026 and signed by GJ Heron (Chairman) and TR Mackey (CEO) (PDF p3, page image).

    Document date
    12 Mar 2026
    Auditor's report
    12 Mar 2026
    Board approval
    12 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · ZAR thousands (printed “R 000”)
    • Key audit matter: valuation of investment properties (consolidated) and of investments in subsidiaries and joint ventures (separate) (PDF p15-p18).
    • The directory lists the issuer as 'SA Corp Real Estate Ltd'; the document prints 'SA Corporate Real Estate Limited', Registration number 2015/015578/06 (contents page, PDF p2) — an abbreviation of the same name.
    • Foreign exchange differences on cash ((890); 2024: –) are printed above, and included in, 'Total cash and cash equivalents movement for the year' (PDF p24); recorded as an issuer-native line within the net change in cash. Distributions paid are presented within operating activities.
    • The statement of financial position prints the non-current asset, current asset, non-current liability and current liability subtotals without labels; equity is the single line 'Share capital and reserves' (PDF p20). Investment property (16 770 398) is printed with its three components below it.
    Technical details
    File
    111 pages, with a text layer
    SHA-256
    c8fca489ded814a630effd7e60dcefeecd9b989c28b096b50ea0538492231ac6
    Entity as printed
    SA Corporate Real Estate Limited
    Issuer copy
    retrieved 2026-10-08T18:47:20Z

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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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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