{"id":62647,"date":"2024-03-12T17:53:17","date_gmt":"2024-03-12T17:53:17","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/mall-of-africa-owner-delivers-mixed-results"},"modified":"2024-03-12T19:53:24","modified_gmt":"2024-03-12T19:53:24","slug":"mall-of-africa-owner-delivers-mixed-results","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/mall-of-africa-owner-delivers-mixed-results","title":{"rendered":"Mall of Africa owner delivers mixed results"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Attacq has seen an improvement in its retail portfolio but has also posted a headline loss per share for the period.<\/p>\n

In its latest financial results for the six months ended 31 December 2023, the group reported gross revenue of R1.365 billion (up from R1.121 billion the year before), with attributable profits up to R261.8 million (from R198.7 million before).<\/p>\n

However, one of the biggest contributors to the group\u2019s profits for the period was a net fair value adjustment of its properties to the tune of R368.9 million.<\/p>\n

Fair value adjustments are made to adapt a property\u2019s value to reflect up-to-date market conditions \u2013 and are not additional cash flow or investment.<\/p>\n

Thus, when discounting this adjustment, among others, to better reflect operations, the group actually posted a headline loss of R23.1 million for the period or a headline loss per share of 3.3 cents \u2013 down from R261.4 million (37.1 cps) before.<\/p>\n

Despite this drop, the group declared an interim dividend of 30 cents per share (Dec 2022: 29 cents).<\/p>\n

According to Raj Nana, Attacq CFO, the group\u2019s full-year results are likely to reflect a stronger performance due to the proceeds from the R2.7 billion transaction with the Government Employees Pension Fund (GEPF), where it acquired 30% of Attacq\u2019s Waterfall Investment Company (AWIC).<\/p>\n

\u201cThe Waterfall City transaction with the GEPF…was used to reduce interest-bearing debt to R5.9 billion (Jun 2023: R8.4 billion), resulting in an improvement in the interest cover ratio to 1.93 times,\u201d Nana said.<\/p>\n

However, the impact of the transaction was only included for the final two months of the six-month reporting period \u2013 thus will have a larger impact on the full-year results ending 30 June 2024, when it will be included for eight of the 12 months, Nana said.<\/p>\n

Positive news in the portfolio<\/p>\n

The group said that the 12-month weighted average trading density across its retail portfolio jumped by 9.0% to R3,969\/sqm (Dec 2022: R3,643\/sqm).<\/p>\n

The Mall of Africa in Midrand, which Lightstone named the busiest mall in the country in terms of visits and mall durations (counting per visiting vehicle), saw an 11.0% trading density increase.<\/p>\n

However, it was beaten by Waterfall Corner, which saw the largest increase of 11.3%, while Eikestad Mall in Stellenbosch saw a 9.9% increase.<\/p>\n

The group\u2019s super-regional (Mall of Africa), regional (Garden Route Mall), and small regional malls (Eikestad Mall and MooiRivier Mall) have also continued to outperform the Clur Shopping Centre Index \u2013 an industry standard, tracking performance at more than 4 million sqm of retail space.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Attacq has seen an improvement in its retail portfolio but has also posted a headline loss per share for the period. In its latest financial results for the six months ended 31 December 2023, the group reported gross revenue of R1.365 billion (up from R1.121 billion the year before), with attributable profits […]<\/p>\n","protected":false},"author":84,"featured_media":62646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-62647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nMall of Africa owner delivers mixed results - South Africa<\/title>\n<meta name=\"description\" content=\"Attacq has seen an improvement in its retail portfolio but has also posted a headline loss per share for the period. 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