Dipula Income Fund Ltd
Dipula Properties Limited is an internally managed, South Africa focused Real Estate Investment Trust that owns a portfolio of retail, office, industrial and residential property assets throughout South Africa, with most of the portfolio located in Gauteng. Dipula's strategy is to own a defensive portfolio with a bias towards convenience, rural and township retail centres.
Dipula Income Fund Ltd (DIB) - Net Assets
Latest net assets as of August 2025: ZAC7.01 Billion ZAC
Based on the latest financial reports, Dipula Income Fund Ltd (DIB) has net assets worth ZAC7.01 Billion ZAC as of August 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ZAC11.22 Billion) and total liabilities (ZAC4.21 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ZAC7.01 Billion |
| % of Total Assets | 62.5% |
| Annual Growth Rate | 9.72% |
| 5-Year Change | 23.87% |
| 10-Year Change | 62.11% |
| Growth Volatility | 12.59 |
Dipula Income Fund Ltd - Net Assets Trend (2014–2025)
This chart illustrates how Dipula Income Fund Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Dipula Income Fund Ltd (2014–2025)
The table below shows the annual net assets of Dipula Income Fund Ltd from 2014 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-08-31 | ZAC7.01 Billion | +7.37% |
| 2024-08-31 | ZAC6.53 Billion | +4.51% |
| 2023-08-31 | ZAC6.25 Billion | +2.82% |
| 2022-08-31 | ZAC6.08 Billion | +7.37% |
| 2021-08-31 | ZAC5.66 Billion | +2.08% |
| 2020-08-31 | ZAC5.55 Billion | -1.13% |
| 2019-08-31 | ZAC5.61 Billion | +2.64% |
| 2018-08-31 | ZAC5.46 Billion | +23.51% |
| 2017-08-31 | ZAC4.42 Billion | +2.29% |
| 2016-08-31 | ZAC4.33 Billion | +20.02% |
| 2015-08-31 | ZAC3.60 Billion | +42.64% |
| 2014-08-31 | ZAC2.53 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Dipula Income Fund Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 30413600000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (August 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ZAC223.76 Million | 3.28% |
| Other Components | ZAC6.61 Billion | 96.72% |
| Total Equity | ZAC6.83 Billion | 100.00% |
Dipula Income Fund Ltd Competitors by Market Cap
The table below lists competitors of Dipula Income Fund Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
MOODY'S - Dusseldorf Stock Exchang
DU:DUT
|
$3.62 Million |
|
Academy Metals Inc
PINK:URGYF
|
$3.62 Million |
|
Petrolimex International Trading JSC
VN:PIT
|
$3.62 Million |
|
Daelim Trading
KO:006570
|
$3.62 Million |
|
Ximen Mining Corp
OTCQB:XXMMF
|
$3.62 Million |
|
Luen Thai Holdings
F:LTJ
|
$3.62 Million |
|
LARGO EO 002
F:2XH
|
$3.62 Million |
|
USWE Sports AB
ST:USWE
|
$3.62 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Dipula Income Fund Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 6,354,346,000 to 6,830,487,000, a change of 476,141,000 (7.5%).
- Net income of 931,871,000 contributed positively to equity growth.
- Share repurchases of 6,029,000 reduced equity.
- Other factors decreased equity by 449,701,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ZAC931.87 Million | +13.64% |
| Share Repurchases | ZAC6.03 Million | -0.09% |
| Other Changes | ZAC-449.70 Million | -6.58% |
| Total Change | ZAC- | 7.49% |
Book Value vs Market Value Analysis
This analysis compares Dipula Income Fund Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 97.91x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 65.18x to 97.91x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-08-31 | ZAC10.13 | ZAC660.00 | x |
| 2018-08-31 | ZAC10.03 | ZAC660.00 | x |
| 2019-08-31 | ZAC10.25 | ZAC660.00 | x |
| 2020-08-31 | ZAC10.00 | ZAC660.00 | x |
| 2021-08-31 | ZAC10.30 | ZAC660.00 | x |
| 2022-08-31 | ZAC6.63 | ZAC660.00 | x |
| 2023-08-31 | ZAC6.64 | ZAC660.00 | x |
| 2024-08-31 | ZAC6.98 | ZAC660.00 | x |
| 2025-08-31 | ZAC6.74 | ZAC660.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Dipula Income Fund Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.64%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 61.61%
- • Asset Turnover: 0.13x
- • Equity Multiplier: 1.64x
- Recent ROE (13.64%) is above the historical average (11.46%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2014 | 13.17% | 55.63% | 0.14x | 1.72x | ZAC80.15 Million |
| 2015 | 14.39% | 71.14% | 0.13x | 1.60x | ZAC158.27 Million |
| 2016 | 15.88% | 62.52% | 0.15x | 1.74x | ZAC246.61 Million |
| 2017 | 8.77% | 36.27% | 0.14x | 1.67x | ZAC-54.53 Million |
| 2018 | 8.88% | 42.77% | 0.12x | 1.75x | ZAC-59.34 Million |
| 2019 | 12.56% | 51.55% | 0.14x | 1.75x | ZAC138.88 Million |
| 2020 | 2.25% | 9.22% | 0.13x | 1.81x | ZAC-410.43 Million |
| 2021 | 7.88% | 32.68% | 0.14x | 1.75x | ZAC-115.63 Million |
| 2022 | 18.23% | 79.92% | 0.14x | 1.68x | ZAC487.85 Million |
| 2023 | 9.72% | 42.15% | 0.14x | 1.67x | ZAC-17.03 Million |
| 2024 | 12.19% | 52.06% | 0.14x | 1.66x | ZAC138.87 Million |
| 2025 | 13.64% | 61.61% | 0.13x | 1.64x | ZAC248.82 Million |
Industry Comparison
This section compares Dipula Income Fund Ltd's net assets metrics with peer companies in the REIT - Retail industry.
Industry Context
- Industry: REIT - Retail
- Average net assets among peers: $5,287,536,552
- Average return on equity (ROE) among peers: 15.93%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Dipula Income Fund Ltd (DIB) | ZAC7.01 Billion | 13.17% | 0.60x | $3.62 Million |
| Accelerate Property Fund Ltd (APF) | $7.34 Billion | 12.24% | 0.69x | $750.08K |
| Exemplar REITail Ltd (EXP) | $3.76 Billion | 9.62% | 0.63x | $1.63 Million |
| Fairvest Ltd (FTA) | $11.14 Billion | 13.16% | 0.42x | $18.93 Million |
| Arrowhead Properties Ltd B (FTB) | $7.75 Billion | 9.11% | 0.63x | $7.38 Million |
| Hyprop (HYP) | $4.25 Billion | 8.28% | 1.23x | $12.10 Million |
| Resilient Property Income Fund Ltd (RES) | $1.39 Billion | 42.03% | 0.37x | $14.54 Million |
| Vukile Property Fund Ltd (VKE) | $1.38 Billion | 17.05% | 3.07x | $18.83 Million |