Attacq final results June 2016

Gross revenue for the year jumped to R1.6 billion (R1.3 billion) and operating profit shot up to R1.2 billion (R0.9 billion). Profit attributable to owners rose to R1.4 billion (R1.0 billion). furthermore, headline earnings per share multiplied to 12.0cps (2.1cps).

In South Africa, in addition to optimising its growing R15.3 billion portfolio of operational buildings and delivering on its Waterfall pipeline, Attacq is actively pursuing further investment opportunities. The Waterfall node continues to strengthen, with seven new buildings completed during the year under review, adding 121 370 m2 GLA to Attacq's portfolio. The super-regional Mall of Africa opened on 28 April 2016, and is expected to act as a strong catalyst for demand for premises in the surrounding Waterfall City, which has a further 640 665 m2 of bulk available for development. Waterfall City is seen as one of the most significant South African commercial developments of the decade and is expected to continue to attract local and international attention as the new corporate headquarters destination.

Internationally, Attacq has invested into new markets in Cyprus and Serbia, which complement its existing Western European exposure via MAS. The MAS joint venture with Prime Kapital is expected to start bearing fruit with land having been acquired and an exclusive pipeline is in place. The Cyprus assets provide expansion opportunities and in Serbia, development opportunities have been identified for the deployment of BreAtt's EUR40.0 million development fund. In sub-Saharan Africa, the challenging environment caused by the strong dollar and depressed commodity prices is expected to continue and Attacq's focus in Africa will be on completing Kumasi City Mall, Ghana and active asset management of existing assets through the cycle.

2016-09-13 08:43:18