New deal raises RDC Properties’ profits 180%
Monday, October 03, 2022 | 400 Views |
On the rise: RDC Properties’ Masa Centre is among assets enjoying recovery
RDC Properties closed the P980 million purchase of the Tower Property Fund on December 28 last year in a deal that added 46 properties located in South Africa and Croatia to the local group’s portfolio.
The deal ballooned the group’s investment and property portfolio by 153% to P5.8 billion but had a minimal effect on profits as it was concluded three days before the end of the 2021 financial year.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...