South African commercial property group Attacq (ATTJ.J) said on Thursday its full-year distributable income rose by 14.5%, mainly due to higher operating income from the group’s home portfolio and lower finance costs.
The owner of Mall of Africa said distributable income per share, one of the primary measures of underlying financial performance in the listed property sector, rose to 71.9 cents in the year ended June 30, from 62.8 cents a year earlier.
Rental income for the group increased by 7.4% to 2.3 billion rand ($119.97 million), mainly due to completed developments and rental escalations offset by the sale of buildings, while group net profit from property operations rose by 11.7% to 1.5 billion rand.
Attacq’s retail clients in South Africa are benefiting from being able to trade during rolling power cuts, which in turn has seen trading density, which measures turnover per square metre, of its retail portfolio grow by 12.7%.
