Dipula derives approximately 70% of its income from defensively positioned retail properties, comprising centres located in township, rural and urban convenience nodes. The retail portfolio delivered a robust performance during the 2025 festive season, recording a 5% increase in turnover over the quarter ended 31 December 2024. 

All retail categories, except for services and hardware, reported above-inflation turnover growth ranging from 3% to 11%. The strongest growth was recorded in the cellular and electronics categories, while services turnover declined slightly by 2%. 

On a provincial basis, the highest turnover growth was achieved in KwaZulu-Natal and the Eastern Cape, at 10% and 8%, respectively. Limpopo recorded turnover growth of 6%. The North-West recorded growth of 4%, while Gauteng and the Free State each reported turnover growth of 3% and Mpumalanga experienced a marginal decline of 1.5%. 

Turnover at Dipula’s urban convenience and rural centres increased by 6%, while urban township centres recorded growth of 3%. 

The strongest sales performance for the quarter was recorded in November 2025 as customers appear to be doing earlier festive season shopping than was previously the norm. 

ACQUISITIONS UPDATE 
In August 2025, Dipula announced a number of acquisitions in line with its strategic objective of expanding its portfolio through the addition of well-located, high-quality industrial and convenience, township and rural retail assets. Dipula is pleased to advise that transfer of these properties was effected on the dates set out below: