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.