Latest news with #R565.4
IOL News
a day ago
- IOL News
Tshwane allocates R565 million to enhance municipal asset protection
MMC for Community Safety, Hannes Coetzee, says the City of Tshwane's R565.4 million budget for protecting municipal assets will be utilised for installation of modern technologies, including motion detection and other smart tools, to boost security personnel's efforts. Image: Supplied/City of Tshwane The R565.4 million budget for protecting municipal assets in the City of Tshwane will be utilised for installation of modern technologies, including motion detection and other smart tools, to enhance security personnel's efforts. This is according to Member of the Mayoral Committee for Community Safety, Hannes Coetzee, who vowed that the City would step up asset protection following this week's arrest of three municipal officials accused of stealing transformers worth around R7 million at a Laudium electricity substation. He commended the SAPS for their decisive action and emphasised that the development marks a crucial step towards protecting the city's infrastructure and assets. 'This administration has made it clear that theft and internal misconduct will be dealt with decisively. The infrastructure under our care is not abstract; it powers homes, clinics, businesses, and public facilities. When it is stolen or sabotaged, it is the residents who pay the price,' he said. Coetzee slammed past administrations, saying they had woefully underprotected the City's assets. 'To address this, the City is pursuing a consolidated asset protection strategy that includes both physical security and advanced technological solutions,' he said. During the recent tabling of the 2025/2026 budget, Finance MMC Eugene Modise pointed out that the city is "woefully under-protected". He said the R565 million budget for protecting municipal assets, especially electricity infrastructure, will help secure infrastructure against theft and vandalism. The funds, he said, will be used for CCTV camera installations, deploying security personnel, and recruiting 200 additional metro police officers. 'At present, Tshwane is woefully under-protected. To address this, the city is pursuing a consolidated asset protection strategy that includes both physical security and advanced technological solutions,' said Modise. Mayor Nasiphi Moya shared the same sentiment during her maiden State of Capital Address, saying: 'We are finalising a consolidated asset protection strategy that includes both physical security and advanced technology. This plan will make use of CCTV, motion detection, and other smart tools to support and enhance the work of our security personnel. Importantly, we are shifting away from outsourced contracts and building a dedicated, inhouse security team.' [email protected]
IOL News
29-05-2025
- Business
- IOL News
Delta Property Fund reports 10. 34% increase in net operating income amid turnaround of strategy
Delta Property Fund CEO Bongi Masinga says the company's turnaround strategy continues to gain momentum, notwithstanding the macro-economic pressures. Image: Supplied Delta Property Fund, a specialist black-managed and substantially black-owned REIT with a significant sovereign underpin, is progressing well with turnaround: net operating income increased by 10.34% to R721.4 million for the year ended February 28. Cash inflow from operations remained strong at R565.4 million, which was mainly used to repay finance costs of R446.4m, taxation of R27.2m, net capital expenditure of R44.6m, lease liability settlements of R3.9m, and net debt repayments of R92.9m. 'Our turnaround strategy continues to gain momentum, notwithstanding the macro-economic pressures. It is pleasing to see the impact of our disposal strategy, prudent debt management, rigorous cost control measures, lease renewals, and concerned efforts to reduce office vacancies,' said CEO Bongi Masinga. Group chief financial officer Fikile Mhlontlo noted that revenue remained relatively stable, tracking 2% down at R1.14 billion, mainly due to rental reversions and a single vacancy of 16 005 square metres from the third quarter of the year under review. He said in an interview that new leases and disposals supported a reduction in the overall portfolio vacancy rate to 31.9% from 33.4%, but when the non-core portfolio was excluded, the vacancy rate fell to 18.4% from 24.2%. Mhlontlo said that proceeds from the sale of non-core properties were being used to reduce debt, and the resultant lower financing costs would position the group to pay dividends to shareholders once the turnaround process was concluded. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ He added that at the end of the disposal process, the group would be significantly smaller but with a healthier balance sheet, ideally reducing its current portfolio from 83 properties to 46. Delta disposed of and transferred six properties with a combined fair value of R154.9m for a total gross consideration of R15m. After year-end, a further four properties with a fair value of R32.2m were transferred for a gross consideration of R33.1m. Additionally, a further eight properties with a combined fair value of R264.3m were also been disposed of for a total gross consideration of R214.8m and are pending transfer. Non-cash fair value adjustment losses of R222.2m (up from R217.2m), higher expected credit losses of R25.5m (up from R2.5m), and taxation of R33.3m (up from R3m) contributed to the group reporting a net loss of R104.2m, an increase from a net loss of R77.6m the prior financial year. The fair value adjustment includes a decline of R43.5m (up from R30.3m) in the valuation of the group's investment in Grit Real Estate Income Group, reflecting sustained share price pressure driven by weak emerging market sentiment and currency volatility. Property operating expenses were reduced by 12.8% year-on-year to R422m due to cost optimisation benefits. This was mainly due to lower assessment rates following the successful challenge of municipal property valuations, a process that was not yet fully concluded, said Mhlontlo. Further savings came from cost containment measures, including supplier changes, contract renegotiations, and the disposal of non-core properties.
