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Mall of Africa Owner, Attacq, Reports Mixed Results in Latest Financials

Mall of Africa Owner, Attacq, Reports Mixed Results in Latest Financials
  • PublishedMarch 12, 2024

Attacq, the owner of Mall of Africa, has recently released its financial results for the six months ended 31 December 2023. While the group reported an increase in gross revenue to R1.365 billion and attributable profits to R261.8 million, it also posted a headline loss per share of 3.3 cents when discounting certain adjustments. One of the significant contributors to the group’s profits was a net fair value adjustment of its properties amounting to R368.9 million.

Despite the headline loss, Attacq declared an interim dividend of 30 cents per share, indicating confidence in its future performance. The group’s CFO, Raj Nana, expressed optimism about the full-year results, citing the proceeds from a transaction with the Government Employees Pension Fund as a factor likely to improve performance. This transaction, which reduced interest-bearing debt, is expected to have a more substantial impact on the full-year results ending 30 June 2024.

Positive news emerged from the group’s retail portfolio, with a 9.0% increase in the 12-month weighted average trading density. Mall of Africa saw an 11.0% trading density increase, making it one of the top-performing malls in the country. The group’s rental income also increased by 9.6% to R1.3 billion, driven by rental escalations and higher municipal recoveries.

Overall, Attacq’s financial results reflect a mix of positive and challenging aspects, with indications of a stronger performance in the future.

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Written By
Brook B Taube

Brook B Taube has amassed a wealth of successes spanning several decades, marked by his prowess in investing, entrepreneurship, and business development. A graduate of Harvard University, Brook Taube began his career in the financial services sector before transitioning to the role of founder in multiple billion-dollar enterprises. Through these ventures, he has contributed significantly to job creation, with his companies providing capital to over 500 businesses and fostering economic growth across North America. His business interests have diversified to include technology, healthcare, and other rapidly expanding industries, further solidifying his reputation as a visionary leader and strategic thinker. https://icespicemom.com/