Attacq net asset value per share up 19.9% in first results after listing
JSE-listed Attacq increased its net asset value per share (NAVPS) by 19.9% year-on-year during the six months ended December to R12.89, impacted on by the 29.2% increase in the number of issued shares, the company reported on Wednesday.
The NAPVS for the period under review was also 7.8% higher than the R11.96 reported for the period ended June 30.
The real estate-focused capital growth fund, which listed on the JSE in October last year, also reported a 31.6% increase in net rental income year-on-year, driven by a 17.4% increase in rental income and a decrease of 1.8% in property expenses.
On a like-for-like basis, Attacq’s revenue increased by 7%.
On a net basis, the property cost to rental income ratio improved to 19.6%, from 22% during the prior corresponding period.
During the six-month period, the group’s asset base also grew to R15.1-billion.
Attacq’s assets included landmark commercial and retail property assets and developments. Its portfolio of properties was dispersed across South Africa and included a growing representation of international investments in sub-Saharan Africa and exposure to property investment in Germany, Switzerland and the UK through a strategic stake in property agency MAS Real Estate.
If future, Attacq's focus would remain on the ongoing roll-out of its Waterfall project, in Gauteng, the successful completion of the company’s existing development pipeline and the implementation of its diversification strategy into African and international markets, Attacq stated.
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