Growthpoint reports dip in full-year revenue

South Africa's largest property owner, Growthpoint Properties, recently released their financial results for the year ending in June, showcasing a resilient performance in a challenging market environment. The company reported a growth of over 5% in distributable income, attributed to lower vacancies and rental discounts. Additionally, headline earnings per share increased by just over 24%, demonstrating the company's ability to weather the storm amid the ongoing uncertainties in the market. Norbert Sasse, CEO of Growthpoint Properties, joined CNBC Africa to discuss the results and shed light on the key trends impacting the different sectors within the company's portfolio. The interview highlighted positive signs of recovery in the retail sector, modest improvements in the office segment, and strong performance in the industrial space. Sasse also touched upon the exceptional performance of the V&A Waterfront, which exceeded pre-COVID levels and contributed significantly to the company's bottom line. Despite challenges in the market, Growthpoint's Eastern European business remained stable, with minimal disruption from the Russia-Ukraine conflict. Looking ahead, Sasse emphasized the potential growth opportunities in the Australian market and the strategic focus on expanding the fund management business to double assets under management in the next five years. With a promising outlook for the upcoming season at the V&A Waterfront and plans for expansion in fund management, Growthpoint Properties is well-positioned for continued success in the real estate sector.