RDC Blames Covid for 14% Rental Revenue Drop

As the reporting period gets underway, a number of listed entities are reporting how coronavirus have affected their top and bottom lines one way or the other.

Last week, RDC Properties said its rental revenue has gone down by 13.7% to P131.6 million of which 55% was receipted in Botswana while 45% in South Africa. According to the group’s financial results for the year ended December 31, 2020, the decrease was due to a combination of the impact of the COVID-19 on the hospitality business where revenue decreased by P28.4 million and the rental deferment /rebate packages with commercial/retail tenants.