2 days agoLetlole La Rona Reports 7% Revenue Growth and 97% Occupancy as Portfolio Fundamentals Hold

Letlole La Rona Limited (“LLR” or “the Group”) has announced its unaudited financial results for the six months ended 31 December 2025, delivering 7% revenue growth and sustained occupancy of 97%, reflecting continued stability across its property portfolio. The Group’s property portfolio continued to deliver consistent income, supported by contractual lease escalations and sustained tenant activity. Occupancy and collection rates remained firm at 97%, reflecting stability across the portfolio despite a more challenging trading environment.

Revenue growth of 7% was primarily driven by annual lease escalations, while operating profit remained broadly in line with the prior period. Profit before tax declined to P40.6 million, primarily reflecting valuation adjustments and higher finance costs. The Group recorded a net fair value loss of P4.5 million, comprising valuation movements based on updated market inputs and adjustments related to straight-line lease accounting, which are non-cash in nature.

Finance costs increased during the period in line with prevailing interest rate conditions. The interim distribution was adjusted to 4.40 thebe per linked unit, reflecting a deliberate shift toward capital preservation and balance sheet strengthening in the current environment. The Group strengthened its liquidity position during the period, with cash balances increasing to approximately P65 million, providing flexibility as refinancing and capital management initiatives progress.

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Commenting on the results, Acting Chief Executive Officer Rorisang Modikana said:“Our deliberate focus on liquidity positions the Group to act on near-term opportunities while maintaining income stability. We have prioritised balance sheet strength, progressed refinancing initiatives, and continued advancing key developments within the portfolio. This disciplined approach ensures we are well positioned to navigate current conditions and support the next phase of growth.” The Group continues to actively manage tenant relationships, capital structure, and portfolio positioning in response to the broader operating environment, which remains influenced by subdued performance in the diamond sector, tighter liquidity conditions in the domestic market, and rising input and operating costs across the economy.

During the period, the Group progressed leadership and governance continuity through the appointment of Ms. Rorisang Modikana as Acting Chief Executive Officer, supported by her extensive financial leadership background. Two independent non-executive directors were also appointed: a Chartered Accountant with over 20 years of experience across financial services and corporate governance, and a real estate specialist holding a PhD in the built environment.

These appointments strengthen Board oversight, technical depth, and strategic capability as the Group advances its priorities. Looking ahead, Letlole La Rona is focused on advancing key growth initiatives. Debt refinancing workstreams are progressing at subsidiary level through JTTM Properties, development activity in Selebi Phikwe continues, and the recruitment of a substantive Chief Executive Officer is underway. Together, these initiatives support the Group’s capital structure repositioning and portfolio.

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