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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) (17 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

Vukile

VKE · A2X Markets; also VKN · Namibian Stock Exchange · Incorporated in South Africa · Consolidated statements

On this page
Company details
Legal name
Vukile Property Fund Limited
Incorporated in
South Africa
Primary listing
VKE on the A2X Markets, active · ISIN ZAE000180865 (observed 2026-10-08)
Primary listing
VKN on the Namibian Stock Exchange, active (observed 2026-10-06)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 March

Overview

Year ended 31 March 2026 · audited financial statements, signed / final · source

  • Revenue

    ZAR 5.82 billion

    5,820 ZAR millions · p20

    +28.4% vs 2025

  • Operating profit / (loss)

    Not reported in this filing

  • Profit / (loss) for the year

    ZAR 6.11 billion

    6,112 ZAR millions · p20

    +89.1% vs 2025

  • Total assets

    ZAR 64.4 billion

    64,436 ZAR millions · p19

    +19.7% vs 2025

  • Total equity

    Not reported in this filing

  • Cash from operations

    ZAR 3.46 billion

    3,457 ZAR millions · p23

    +32.2% vs 2025

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 millions 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

  • FY to 31 Mar 2026 — audited financial statements, signed / final; reported for the year · source
  • FY to 31 Mar 2025 — audited financial statements, signed / final; comparative in the FY to 31 Mar 2026 filing · source

Income statement

Income statement, ZAR millions. Columns: FY to 31 Mar 2026 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2025 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 31 Mar 2026Audited financial statementsreported for the yearFY to 31 Mar 2025Audited financial statementscomparative in FY to 31 Mar 2026 filing
Property revenue1 5,837 4,396
Straight-line rental (expense)/income accrual2 (17) 135
Gross property revenue 5,820 4,531
Property expenses3 (1,946) (1,493)
Expected credit loss (ECL): tenant receivables 4 5
Net profit from property operations4 3,878 3,043
Corporate and administrative expenses (577) (478)
Investment and other income(1)5 70 418
Finance income 204 274
Profit before finance costs6 3,575 3,257
Finance costs (1,426) (1,288)
Profit after finance costs7 2,149 1,969
Loss on disposals8 (3) (6)
Fair value gain on financial instruments9 268 117
Fair value (loss)/profit on investment in subsidiaries10 –11 –11
Reversal of impairments12 10 9
Profit before changes in fair value of investment property13 2,424 2,089
Fair value adjustments:14 3,490 1,049
Gross change in fair value of investment property15 3,460 1,170
Change in fair value of right-of-use asset16 13 14
Straight-line rental income/(expense) adjustment17 17 (135)
Profit before equity-accounted investment18 5,914 3,138
Share of income from associates 36 4
Share of profit from joint ventures19 275 173
Profit before taxation 6,225 3,315
Taxation (113) (83)
Profit for the year 6,112 3,232
Attributable to non-controlling interest20 370 23
Equity investments designated at fair value through OCI21 –22 471
Foreign currency translation reserve23 (326) (238)
Cash flow hedges24 41 (64)
Other comprehensive loss for the year (285) 169
Total comprehensive income for the year 5,827 3,401
Attributable to owners of the parent25 5,483 3,370
Attributable to non-controlling interest20 344 31
  1. Printed “—”, read as nil: subtotal_arithmetic: is.native.co_0xy41r0775bm.profit_before_fv_investment_property.
  2. Printed “—”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (23)
  1. “Property revenue” is an issuer-specific line, not mapped to a shared definition: Note 28: contractual rental and recoveries.
  2. “Straight-line rental (expense)/income accrual” is an issuer-specific line, not mapped to a shared definition: Note 4.
  3. “Property expenses” is an issuer-specific line, not mapped to a shared definition: Note 29.
  4. “Net profit from property operations” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  5. “Investment and other income(1)” is an issuer-specific line, not mapped to a shared definition: Note 32.1.
  6. “Profit before finance costs” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  7. “Profit after finance costs” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  8. “Loss on disposals” is an issuer-specific line, not mapped to a shared definition: Note 43.
  9. “Fair value gain on financial instruments” is an issuer-specific line, not mapped to a shared definition: Note 44.
  10. “Fair value (loss)/profit on investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 9 (Group: nil).
  11. “Reversal of impairments” is an issuer-specific line, not mapped to a shared definition: Notes 13 and 14.
  12. “Profit before changes in fair value of investment property” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  13. “Fair value adjustments:” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the three lines below it.
  14. “Gross change in fair value of investment property” is an issuer-specific line, not mapped to a shared definition: Note 3.
  15. “Change in fair value of right-of-use asset” is an issuer-specific line, not mapped to a shared definition: Note 3.
  16. “Straight-line rental income/(expense) adjustment” is an issuer-specific line, not mapped to a shared definition: Note 4: reversal of the accrual.
  17. “Profit before equity-accounted investment” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  18. “Share of profit from joint ventures” is an issuer-specific line, not mapped to a shared definition: Note 8.
  19. “Attributable to non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Note 19.
  20. “Equity investments designated at fair value through OCI” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (printed subtotal).
  21. “Foreign currency translation reserve” is an issuer-specific line, not mapped to a shared definition: OCI, reclassifiable (printed subtotal).
  22. “Cash flow hedges” is an issuer-specific line, not mapped to a shared definition: Note 25; OCI, reclassifiable (printed subtotal).
  23. “Attributable to owners of the parent” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive income.

Balance sheet

Balance sheet, ZAR millions. Columns: FY to 31 Mar 2026 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2025 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 31 Mar 2026Audited financial statementsreported for the yearFY to 31 Mar 2025Audited financial statementscomparative in FY to 31 Mar 2026 filing
Non-current assets 53,350 51,095
Investment property 50,026 48,298
Straight-line rental income accrual1 453 481
Financial assets at fair value through profit or loss (FVTPL)2 363 176
Investment in associates (equity accounted) 252 160
Investment in joint ventures (equity accounted)3 1,303 1,124
Investment in subsidiaries4 –5 –5
Derivative financial instruments6 661 309
Long-term loans granted7 5 271
Loans to subsidiaries8 –5 –5
Deferred taxation assets 4 –5
Other non-current assets9 283 276
Current assets 11,086 2,726
Trade and other receivables 450 531
Derivative financial instruments6 253 42
Cash and cash equivalents 3,578 2,135
Loans to subsidiaries8 –10 –10
Other current assets11 406 18
Non-current assets held for sale12 6,399 –10
Total assets 64,436 53,821
Equity attributable to owners of the parent 34,271 27,868
Stated capital 19,758 17,122
Other components of equity 11,432 8,097
Retained earnings 3,081 2,649
Non-controlling interest (NCI) 1,714 1,465
Non-current liabilities 20,890 22,934
Interest-bearing borrowings 20,205 21,917
Lease liability 22 309
Cash-settled incentive plans13 36 130
Derivative financial instruments6 90 65
Loans from subsidiaries14 –15 –15
Deferred taxation liabilities 149 122
Other non-current financial liabilities16 388 391
Current liabilities 7,561 1,554
Trade and other payables 1,148 1,129
Short-term portion of interest-bearing borrowings 3,262 361
Short-term portion of lease liability 2 23
Short-term portion of cash-settled incentive plans17 190 –18
Derivative financial instruments6 10 9
Current taxation liabilities –18 32
Non-current liabilities held for sale19 2,949 –18
Total equity and liabilities 64,436 53,821
Other assets held for sale20 165 –21
  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.
  5. Printed “—”; reading unresolved, so no amount is shown. Printed dash (2025): no printed subtotal confirms a nil reading; 2025 closing cash equals the statement of financial position cash (2 135).
Notes and alternative reported figures (16)
  1. “Straight-line rental income accrual” is an issuer-specific line, not mapped to a shared definition: Note 4: lease income accrual (non-current).
  2. “Financial assets at fair value through profit or loss (FVTPL)” is an issuer-specific line, not mapped to a shared definition: Note 5.
  3. “Investment in joint ventures (equity accounted)” is an issuer-specific line, not mapped to a shared definition: Note 8.
  4. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 9 (Group: nil).
  5. “Derivative financial instruments” is an issuer-specific line, not mapped to a shared definition: Note 24.
  6. “Long-term loans granted” is an issuer-specific line, not mapped to a shared definition: Note 13.
  7. “Loans to subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 14 (Group: nil).
  8. “Other non-current assets” is an issuer-specific line, not mapped to a shared definition: Note 11.
  9. “Other current assets” is an issuer-specific line, not mapped to a shared definition: Note 11.
  10. “Non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Notes 3 and 41: Spanish assets and a South African property held for sale.
  11. “Cash-settled incentive plans” is an issuer-specific line, not mapped to a shared definition: Note 12.
  12. “Loans from subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 14 (Group: nil).
  13. “Other non-current financial liabilities” is an issuer-specific line, not mapped to a shared definition: Note 11.
  14. “Short-term portion of cash-settled incentive plans” is an issuer-specific line, not mapped to a shared definition: Note 12.
  15. “Non-current liabilities held for sale” is an issuer-specific line, not mapped to a shared definition: Note 41.
  16. “Other assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 27.5: cash of the Spanish disposal group classified as held for sale, included in cash at the end of the year.

Cash flow

Cash flow, ZAR millions. Columns: FY to 31 Mar 2026 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2025 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 31 Mar 2026Audited financial statementsreported for the yearFY to 31 Mar 2025Audited financial statementscomparative in FY to 31 Mar 2026 filing
Cash flow from operating activities 3,457 2,615
Profit before taxation1 6,225 3,315
Adjustments2 (2,741) (885)
Net changes in working capital3 86 194
Taxation paid (113) (9)
Cash flow from investing activities (4,905) (7,246)
Acquisition and development of investment property4 (5,045) (11,214)
Proceeds on sale of investment property5 160 185
Finance, dividend and other income(1)(2)6 229 638
comprehensive income(1)7 –8 3,901
assets(1)9 (18) (3)
Proceeds on sale of listed securities10 –8 141
loss11 (157) (52)
Additions in investments in associates12 (57) –8
Investment in joint venture13 (17) (909)
Dividends received from joint venture14 95 1
Cash flows on advances to subsidiaries15 –8 –8
Cash flows from tenant deposits(1)(3)16 31 69
Deposit paid on acquisition of investment property17 (402) –8
Long-term loans granted18 (5) (3)
Long-term loans repaid19 281 –8
Cash flow from financing activities 3,254 4,473
Interest-bearing borrowings advanced 4,951 8,930
Interest-bearing borrowings repaid (1,084) (5,164)
Finance costs paid20 (1,320) (1,174)
Cash flows received on loans from subsidiaries21 –22 –22
Loan from NCI23 4 –22
Equity purchased by NCI(1)24 –22 1,119
Acquisition of executive share scheme financial assets25 (78) (67)
Settlement of derivatives26 40 45
Land lease payments27 (24) (22)
Proceeds from issue of share capital28 2,636 2,292
Dividends paid29 (1,871) (1,486)
Net increase/(decrease)in cash and cash equivalents 1,806 (158)
Foreign currency movement on cash (198) (60)
Cash and cash equivalents at the beginning of the year 2,135 2,353
Cash and cash equivalents at the end of the year(4) 3,743 2,135
  1. Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (27)
  1. “Profit before taxation” is an issuer-specific line, not mapped to a shared definition: Starting line of the operating activities reconciliation; equals profit before taxation.
  2. “Adjustments” is an issuer-specific line, not mapped to a shared definition: Note 27.1: non-cash and other adjustments to profit before taxation.
  3. “Net changes in working capital” is an issuer-specific line, not mapped to a shared definition: Note 27.2.
  4. “Acquisition and development of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. “Proceeds on sale of investment property” is an issuer-specific line, not mapped to a shared definition: Note 45.
  6. “Finance, dividend and other income(1)(2)” is an issuer-specific line, not mapped to a shared definition: Note 32; investing activities (includes interest received).
  7. “comprehensive income(1)” is an issuer-specific line, not mapped to a shared definition: Note 6 (2025: Lar España).
  8. “assets(1)” is an issuer-specific line, not mapped to a shared definition: Note 11.
  9. “Proceeds on sale of listed securities” is an issuer-specific line, not mapped to a shared definition: Note 5.
  10. “loss” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  11. “Additions in investments in associates” is an issuer-specific line, not mapped to a shared definition: Note 7.
  12. “Investment in joint venture” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  13. “Dividends received from joint venture” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  14. “Cash flows on advances to subsidiaries” is an issuer-specific line, not mapped to a shared definition: Group: nil.
  15. “Cash flows from tenant deposits(1)(3)” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  16. “Deposit paid on acquisition of investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  17. “Long-term loans granted” is an issuer-specific line, not mapped to a shared definition: Note 13.
  18. “Long-term loans repaid” is an issuer-specific line, not mapped to a shared definition: Note 13.
  19. “Finance costs paid”: mapping to a shared definition is uncertain. Finance costs paid (financing activities); not stated to be limited to interest on borrowings.
  20. “Cash flows received on loans from subsidiaries” is an issuer-specific line, not mapped to a shared definition: Group: nil.
  21. “Loan from NCI” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  22. “Equity purchased by NCI(1)” is an issuer-specific line, not mapped to a shared definition: Note 19.
  23. “Acquisition of executive share scheme financial assets” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  24. “Settlement of derivatives” is an issuer-specific line, not mapped to a shared definition: Note 24.
  25. “Land lease payments” is an issuer-specific line, not mapped to a shared definition: Note 21.
  26. “Proceeds from issue of share capital” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  27. “Dividends paid” is an issuer-specific line, not mapped to a shared definition: Note 27.4: includes dividends to non-controlling interests (Company 1 776).

Per share and shares

Per share and shares. Columns: FY to 31 Mar 2026 — audited financial statements (signed / final), as reported for the year; FY to 31 Mar 2025 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 31 Mar 2026Audited financial statementsreported for the yearFY to 31 Mar 2025Audited financial statementscomparative in FY to 31 Mar 2026 filing
Earnings / (loss) per share (per share)3 4.41851 2.70712
Profit / (loss) attributable to shareholders (ZAR millions)4 5,742 3,209
  1. Printed as 441.85 cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as 270.71 cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted earnings per share (cents)”.
  2. Profit / (loss) attributable to shareholders: printed as “Attributable to owners of the parent”.

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.

  • Vukile Consolidated Financial Statements 2026

    Year ended 31 March 2026 · Audited financial statements · signed / final

    Audit: PricewaterhouseCoopers Inc. (FJ Kruger, Director), unmodified opinion · signed

    Auditor's sign-off: PricewaterhouseCoopers Inc., Director: FJ Kruger, Registered Auditor

    Final status: Independent auditor's report on the consolidated and separate financial statements (unqualified, PDF p5) closes on PDF p9 with the firm signature 'PricewaterhouseCoopers Inc.' in script above the typeset 'PRICEWATERHOUSECOOPERS INC., DIRECTOR: FJ KRUGER, Registered Auditor, Johannesburg, South Africa, 15 June 2026' (page image); no separate personal signature of the director is shown. Directors' approval signed by Nigel Payne (Chairman) and Laurence Rapp (CEO), Houghton Estate, 15 June 2026 (PDF p4, page image).

    Document date
    15 Jun 2026
    Auditor's report
    15 Jun 2026
    Board approval
    15 Jun 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 31 Mar 2026, FY to 31 Mar 2025
    Basis
    consolidated statements · ZAR millions (printed “Rm”)
    • Key audit matter: valuation of investment property at year-end (consolidated and separate) (p6-p7).
    • Cash and cash equivalents at the end of the year in the statement of cash flow (3 743) include R165 million of cash within the Spanish assets held for sale; the statement of financial position shows 3 578 (note 27.5, PDF p100).
    • Text layer artefact: the Expected credit loss row on PDF p20 holds an extra '21' in the Company 2026 cell position ('29 4 5 21 21 40'); the page image prints 21 once (Company column, not transcribed). The Group cells (4; 5) are unaffected.
    • The statement of financial position prints no total equity and no total liabilities: equity attributable to owners, non-controlling interest, non-current and current liabilities sum directly to total equity and liabilities (p19). The queue's document type 'annual_report' is the consolidated (and separate) annual financial statements.
    • Finance, dividend and other income (229; 2025: 638) is presented in investing activities; finance costs paid in financing activities (p23).
    Technical details
    File
    139 pages, with a text layer
    SHA-256
    6f170a3a06655f86d48b86ccafc12e8ee7a240dd0b8e6305d64c652b719dbc02
    Entity as printed
    Vukile Property Fund Limited
    Issuer copy
    retrieved 2026-10-08T18:53:53Z

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) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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South Africa country page · Company methodology and coverage