Mall of Africa owner Attacq posts double-digit dividend growth

by MMC
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Attacq Limited – majority owner of Mall of Africa and developer of Waterfall City in mid-Gauteng – on Thursday recorded double-digit growth in dividend and distributable income for the financial year ended June 30.

This strong performance comes as the Real Estate Investment Trust (Reit) finalized its agreement with the Government Employees Pension Fund (GEPF), through which GEPF takes a R2.7 billion stake in its subsidiary Attacq Waterfall Investment Company (Awic). Awic owns the development rights to the Waterfall City mega-development district.

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Attacq, which has been one of the best performing Reit stocks on the JSE – the stock is up more than 28% over the last year – said it had delivered dividend growth across the board. year by 16%, to 58 cents per share (cps). for the 2023 financial year.

The declared dividend of 58 cps equates to a payout ratio of 80.7%.

Attacq stock price

Several other key indicators improved, including distributable earnings per share (decrease) which increased 14.5% to 71.9 cents; the Group’s Interest Cover Ratio (ICR) which strengthened to 1.69 times, compared to 1.58 times the previous year; and weighted average growth in trading density across its real estate portfolio of 12.7%.

Dividend growth per share and declines are the main measures of SA Reits’ profits, as opposed to overall profit.

Attacq said the double-digit increase in decline was “primarily driven by higher net operating income from the group’s South African portfolio and lower financial costs”.

He noted that “excluded from the distributable profit is an additional trading profit of 3.7 cps (FY22: 9.7 cps), generated by the sale of the Ellipse Waterfall and Waterfall Point sector securities units”.

“The South African portfolio continued to deliver on its key operational priorities, as evidenced by strong growth in retail density and increased customer investment through new brands, modernized stores and collaboration center developments,” declared Attacq in his publication of results on Sens.

“The occupancy and collection rates of the portfolio remained positive at 92.5% and 100.7% respectively,” the press release added.

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