Attacq Limited has published its interim results for the year ended 31^st December 2024 reporting an increase of 49.1% in its distributable income to 55 cents per share and interim dividend growth of 46.7% to 44 cents per share.

“The period saw us continuing to execute against our Horizon 2030 strategy. The all-round solid performance for this half demonstrates our commitment to being a leading precinct owner and developer, creating vibrant, sustainable spaces for communities and businesses. Our efforts are reflected in our increased gross revenue and rental income achieved, improved cost-to-income ratio from 25.4% to 22.4% and the new blue-chip clients attracted to our precincts,” comments CEO of Attacq, Jackie van Niekerk.

“Our strategic growth trajectory will continue into the second half, backed by our robust balance sheet, which was supported by a successful initial public auction under our DMTN programme and strategic debt refinancing undertaken during the period. We’ve made an upward revision to our full-year DIPS guidance to between 24% and 27%, driven by several key factors. The full-year benefit of implementing our Waterfall City transaction with the GEPF and the acquisition of the remaining 20% of Mall of Africa will contribute significantly to the Groups continued growth. Additionally, our net operating income is growing due to increased revenue from managing co-owned properties, as well as higher market rentals. Furthermore, the impact of our installed PV systems underway will support the increase in electricity recovery ratio and improve operational resilience,” says Raj Nana, Attacq’s CFO.

The REIT’s gross revenue rose by 6.2% to R1.5 billion with group rental income having grown by 15.1% to R1.5 billion primarily due to higher rental escalations and an additional 20% interest in Mall of Africa. Like-for-like rental income increased by 7.7% with positive net operating income growth of 9.2%.

Distributable income per share (DIPS) from Waterfall City rose by 10% to 26.3 cents per share, driven by higher net operating income and the increased interest in Mall of Africa while DIPS from the rest of its assets surged by 125% to 29.7 cents per share, significantly reducing net finance costs.

Attacq’s retail portfolio reported a rolling 12-month trading density growth rate as at 31 December 2024 of 4.1% during the period with trading densities beating the Clur Shopping Centre Index over a 2-year period.

The Group’s developments under construction and approved pipeline at Waterfall City totals 43 988m² of GLA.

Attacq’s gearing increased to 25.9% (December 2023: 25.3%).