Half Year 2024 Attacq Ltd Earnings Call Transcript
Key Points
- Attacq Ltd (JSE:ATT) declared an interim dividend of ZAR0.30, based on an 81% payout ratio.
- Occupancy rates increased by 1.2% to 93.7%, indicating strong demand for their properties.
- The company completed significant development activities, including 44,000 square meters of construction worth ZAR1.4 billion.
- Attacq Ltd (JSE:ATT) successfully disposed of its remaining MAS shares, generating ZAR773 million in cash.
- The company's debt matrix improved significantly, with gearing down to 25.3% and an interest cover ratio of 1.93 times.
- Operating expenses spiked significantly, driven by employee costs and once-off costs related to the Waterfall City transaction.
- The company faced negative reversions of 18% in collaboration hubs, indicating challenges in maintaining rental rates.
- The absence of a dividend from MAS impacted distributable income negatively by ZAR30.5 million.
- The company had to fully impair its shareholder loan to Ikeja City Mall in Nigeria due to economic uncertainty.
- The retail trading density growth slowed down to 9%, a decrease from the 14.7% growth seen 12 months ago.
Good morning, everyone. Welcome to Attacq's interim results presentation for our six-month results ending December 31, 2023. It's a beautiful, sunny morning. Even though we're already in autumn in Johannesburg, we are still sweating here.
And we're very proud with the results that we bring to the market today, despite a very, very uncertain landscape in South Africa. So we're really proud sitting here today, talking about our results.
So just let me introduce the team this morning, helping me deliver the results. So I've got Pete de Villiers here with me. Pete will talk about our other investments, mass -- not so much mass today, Pete -- and then investments in Africa. Then Raj Nana, our CFO; Mike Clampett, our Asset and Property Management Executive; and David on the development. So I put the people that are spending the money the furthest from me, and not Raj, sitting here today.
Yeah. So once again, very welcome to everyone online, to our Board Members, to our key stakeholders. Thank you so much for
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