Attacq, the JSE-listed property group behind the Mall of Africa, reported a 17.2 percent increase in distributable income for the financial year ended June 30, 2026, as higher rental income and stronger occupancy supported earnings. The company, led by CEO Jackie van Niekerk, reported distributable income of R888.5 million ($54.7 million), up from R758.4 million ($46.7 million) a year earlier, according to its audited annual financial statements.

Net profit attributable to owners of the holding company was R1.44 billion ($88.7 million), compared with R1.5 billion ($92.4 million) in 2025. Total comprehensive profit increased to R1.77 billion ($110 million) from R1.65 billion ($101.7 million), while operating profit edged up to R1.56 billion ($96.1 million) from R1.55 billion ($95.5 million).

The stronger cash generation also allowed the board to increase the annual dividend. Attacq declared a final gross cash dividend of 54.00 cents per share, taking the total dividend for the year to R1.02 ($0.06) per share, compared with R0.87 ($0.05) in 2025.

Attacq revenue climbs on rental income

The full-year distribution represented 80.3 percent of distributable income, above the 75 percent minimum payout requirement for JSE-listed Real Estate Investment Trusts. Revenue also increased during the year. Gross revenue rose to R3.13 billion ($193 million) from R2.87 billion ($177 million), while rental income increased 6.5 percent to R3.07 billion ($190 million).

Rental income remained the largest contributor to the group’s revenue, rising from R2.88 billion ($177.5 million) in 2025 to R3.07 billion ($190 million). The increase included R2.06 billion from contractual lease collections, R825.8 million ($51 million) from tenant recoveries and higher receipts from casual parking.

Attacq also recorded R95.2 million ($5.9 million) from the sale of residential sectional title units at Ellipse Waterfall, compared with R1.17 million ($72,100) a year earlier. Net fair value adjustments on investment properties contributed R745.3 million to earnings, down from R935 million ($57.6 million) in the previous financial year.

The group’s retail-experience hubs remained its largest property segment, with gross independent valuations of R12.47 billion ($768.4 million), led by the Mall of Africa in Waterfall City. Collaboration hubs were valued at R6.31 billion ($388.8 million), while industrial logistics hubs and hotel properties were valued at R1.85 billion ($114 million) and R603 million ($37.2 million), respectively. Occupancy also improved across the portfolio.

Total assets surge 6% to $1.6 billion

Attacq focuses on mixed-use developments centered on Waterfall City and regional shopping centers across South Africa. Coronation Fund Managers holds a 20.8 percent beneficial stake in the company, while the Government Employees Pension Fund owns an 18.3 percent stake and has a direct 30 percent co-investment in subsidiary Attacq Waterfall Investment Company.

The group’s balance sheet strengthened during the year. Total assets stood at R26 billion ($1.6 billion) at June 30, 2026, compared with R24.57 billion ($1.41 billion) a year earlier. Completed investment properties, developments under construction and leasehold land totaled R23.09 billion ($1.42 billion). Equity attributable to shareholders of the holding company rose to R14.02 billion ($864 million) from R13.26 billion ($817 million).

Net asset value per share increased to R20.08 ($1.23) from R19 ($1.17), while the group’s loan-to-value ratio improved to 24.9 percent from 25.5 percent. The results show a property group generating more distributable income from its rental base while reducing portfolio vacancy and maintaining a lower loan-to-value ratio. For shareholders, the higher annual distribution adds to the earnings growth reported for the year.