Delta Property Fund Ltd
Delta Property Fund Ltd operates as a real estate investment trust focused on property assets, generating revenue through rental income and property management services.
Business. Delta Property Fund Ltd (DLTJ.J) operates within the Investment Management & Fund Operators industry, providing asset management and custody services. The company generates revenue primarily through fee-income models associated with its investment activities. Specific details regarding operating segments, headquarters location, and primary listing exchanges are not available in the provided data. Consequently, the firm is described at the industry level without geographic or segment-specific breakdowns.
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Delta Property Fund Ltd (DLTJ.J) operates within the Investment Management & Fund Operators industry, providing asset management and custody services. The company generates revenue primarily through fee-income models associated with its investment activities. Specific details regarding operating segments, headquarters location, and primary listing exchanges are not available in the provided data. Consequently, the firm is described at the industry level without geographic or segment-specific breakdowns.
Delta Property Fund Ltd maintains a capital structure characterized by significant leverage, with a debt-to-equity ratio of 1.45. The balance sheet shows total assets of 6,476,370,000 ZAR against total liabilities of 3,932,590,000 ZAR and total equity of 2,543,780,000 ZAR. Long-term debt stands at 3,677,781,000 ZAR, while cash and equivalents are minimal at 9,389,000 ZAR, resulting in a negative net cash position. The current ratio is 0.23, indicating tight short-term liquidity relative to current liabilities.
Profitability metrics show a return on equity of 0.0499 and a return on assets of 0.0196. The company reported revenue of 1,147,913,000 ZAR, with a gross profit of 674,941,000 ZAR and operating income of 576,435,000 ZAR. Net income was 127,007,000 ZAR. These returns are modest, reflecting the capital-intensive nature of the real estate sector and the impact of interest expenses on net income.
- High leverage with a debt-to-equity ratio of 1.45 and minimal cash reserves.
- Modest profitability with ROE of 0.0499 and ROA of 0.0196.
- Tight liquidity indicated by a current ratio of 0.23.
- Low dilution risk with no difference between basic and diluted shares.
- Negative net cash position poses a key financial risk.
Bull / Bear case
Generated · model-assistedReturn on equity of 4.99% outperforms the 3.86% cohort median, demonstrating better capital utilization than industry peers.
Net income surged 221.9% year-over-year to ZAR 127 million, marking a strong recovery from prior losses.
Free cash flow turned positive to ZAR 48.3 million, reversing a multi-year trend of negative cash generation.
Cash conversion ratio of 1.20 is well above the 0.28 cohort median, highlighting strong earnings quality.
Debt-to-equity ratio of 1.45 is in the bottom quartile, signaling significantly higher leverage risk than peers.
High credit risk flag indicates potential vulnerability to loan defaults or counterparty failures within the portfolio.
Revenue declined at a 4.7% CAGR over four years, reflecting a shrinking top line despite recent stabilization.
In focus — financials by report
Revenue ZAR 1.15B, +0,4% YoY; Operating income +48,5% YoY.
- ▍Revenue ZAR 1.15B, +0,4% YoY
- ▍Operating income +48,5% YoY
- ▍Net income +221,9% YoY
- ▍Free cash flow +133,0% YoY
- ▍Net margin 11.1%
Revenue ZAR 1.14B, +0,5% YoY; Operating income −2,8% YoY.
- ▍Revenue ZAR 1.14B, +0,5% YoY
- ▍Operating income −2,8% YoY
- ▍Net income −56,8% YoY
- ▍Free cash flow −32,3% YoY
- ▍Net margin -9.1%
Revenue ZAR 1.14B, −6,5% YoY; Operating income +276,6% YoY.
- ▍Revenue ZAR 1.14B, −6,5% YoY
- ▍Operating income +276,6% YoY
- ▍Net income +90,9% YoY
- ▍Free cash flow +86,6% YoY
- ▍Net margin -5.8%
Revenue ZAR 1.22B, −12,4% YoY; Operating income −170,4% YoY.
- ▍Revenue ZAR 1.22B, −12,4% YoY
- ▍Operating income −170,4% YoY
- ▍Net income −402,4% YoY
- ▍Free cash flow −244,4% YoY
- ▍Net margin -59.9%
Revenue ZAR 1.39B; Operating income ZAR 321.2M.
- ▍Revenue ZAR 1.39B
- ▍Operating income ZAR 321.2M
- ▍Net margin -10.4%
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- Net cash is negative after subtracting total debt.
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- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Return On Assetsnet_income / total_assets
- Return On Equitynet_income / total_equity
- Delta Property Fund Ltd Market data — financials · 2026-07-12
- Delta Property Fund Ltd Market data — analyst estimates · 2026-07-12
Ownership & reference
Leadership
- Siyabonga MbanjwaChief Executive Officer, Executive Director