Income and vacancies improve at Attacq

Posted On Monday, 19 September 2016 11:33 Published by
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Attacq reports a 15.3% increase in adjusted net asset value per share for the year to end-June to R21.89.

 Attacq_CEO_Morne_Wilken

Attacq (ATT)‚ the property investor and developer that opened the Mall of Africa in April‚ has reported a 15.3% increase in adjusted net asset value (NAV) per share for the year to end-June‚ to R21.89.

NAV per share rose 12.7% to R19.23.

Basic earnings per share (EPS) rose to 197.9c from 142.4c‚ and diluted EPS rose to 196.7c from 142c.

Headline earnings per share (HEPS) rose to 12c from 2.1c a year ago.

The company said its total assets grew 18.6% to R27.6bn and the overall vacancy rate dropped to 2.4% from 4%. Net rental income rose 17.2% to R1.1bn.

Vacancies in Africa were higher than the overall portfolio‚ however‚ at 4%.

“Africa continues to experience challenging economic conditions given the continued strength of the US dollar‚ depressed commodity and oil prices and lack of stability in power supply‚” the company said in Tuesday’s results statement.

It revalued its development rights in the Waterfall development to R1.1bn from R1.5bn‚ as it took “a more conservative outlook on the future roll-out period of potential developments”.

Attacq has a geographically diverse portfolio of properties and in the review period its international investments increased 34% to R5.8bn. It made acquisitions in Cyprus‚ Serbia and Nigeria‚ but sold assets in Mauritania.

Its total cash at year-end was R4.37bn‚ from R7.28bn a year earlier.

source: BDpro

Last modified on Monday, 19 September 2016 11:43
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