At a Glance
- Afine reports higher rental income and firmer half-year profit from fuel-station assets.
- New interim dividend declared, reflecting stable cash flow and steady asset-base growth.
- Distributable earnings grow as the REIT expands its petrol-station property portfolio.
Afine Investments Ltd., the specialised South African REIT that specializes in the petrol filling station sector, posted a half-year profit of $1.4 million, lifted by stronger rental income from its fuel-station properties across South Africa.
The REIT, founded by Mauritius-based investor Peter McAllister Todd, recorded firmer results for the six months ended Aug. 31, 2025, as contractual rental escalations supported growth.
Revenue and earnings rise
The recently released unaudited update shows revenue increased 11.47 percent to R26.67 million ($1.56 million) from R23.92 million ($1.4 million) a year earlier, lifted by contractual escalations across its portfolio.
Profit from operating activities rose 11.14 percent to R24.37 million ($1.43 million), while distributable earnings advanced 29.04 percent to R18.96 million ($1.11 million). Basic earnings per share climbed 18.6 percent to R0.26 ($0.015), and headline earnings per share increased similarly to R0.262 ($0.015).
Net asset value per share strengthened 14.25 percent to R4.65 ($0.272), underscoring steady asset-base growth as Afine continues to expand its footprint. Its market capitalization is presently R326.4 million ($19.09 million). The group paid a dividend of R0.22 ($0.013) per share for the year ended February 2025, distributed in June.
New interim dividend declared
Alongside the results, Afine, which has Sasol as one of its tenants, is listed on the Johannesburg Stock Exchange. It has also declared a gross interim cash dividend of R0.225 ($0.135) per share for the six months, representing 86.06 percent of distributable profit. The payout, classified as a qualifying distribution under South Africa’s REIT tax rules, will be made to 72.54 million eligible shares.
Portfolio anchored in high-performing fuel assets
Afine, incorporated in 2020 and headquartered in Strand, owns a portfolio of nine petrol filling station properties across four provinces, many ranked in the top tier of national fuel-sales volumes.
The REIT, with a current investment property value of R397.9 million ($23.21 million), was formed by a group of long-time property investors with more than two decades of experience in South Africa and abroad.
The business continues to focus on acquiring additional high-throughput fuel sites that match its investment strategy, aiming to broaden cash-generating assets and deliver predictable yield to shareholders.
Todd’s growing real-estate footprint
The company was founded by Peter McAllister Todd, a qualified attorney and long-time investor who also chairs Grit Real Estate Income Group, the pan-African property platform he established in 2012.
Todd previously founded Osiris Group in the British Virgin Islands and Mauritius, providing corporate finance and administrative services to global clients. He now holds a 77.78 percent indirect stake in Afine Investments through KSP Offshore Ltd., equal to 56,416,380 ordinary shares valued at about R226.23 million ($13.17 million).
His understanding of commercial real estate across the UK, South Africa, and Africa has shaped Afine’s focus on specialised, income-stable assets. With earnings rising and dividends intact, Afine is positioning itself as a niche player in South Africa’s listed property market under Todd’s oversight.
