Mall of Africa owner Attacq reports income surge as Waterfall City drives growth

Motheo Khoaripe (in for Stephen Grootes) is joined by the Attacq group's chief financial officer, Raj Nana, on The Money Show.

Attacq, owner of Mall of Africa, has reported a huge rise in earnings for its financial year to end-June 2025.

The SA-based real estate investment trust (REIT) highlighted the impact of the full financial year benefit from the Waterfall City transaction with the Government Employees Pension Fund's (GEPF).

Another key value-creating transaction was acquiring the remaining 20.0% of Mall of Africa (28 June 2024), Attacq said, funded from a combination of the proceeds from the disposal of its MAS P.L.C. share and additional debt.

Mall of Africa forms part of the Waterfall City development in Midrand, Gauteng.

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Attacq's earnings per share shot up by 58.6% to 214.6 cents, compared to 135.3 cents for the prior period.

Headline earnings per share (HEPS) increased to 102.3 cents, 40.7% up compared to 2024.

The group hiked its full-year dividend per share by 26.1% to 87 cents.

Motheo Khoaripe interviewed Attacq CFO Raj Nana on The Money Show.

Nana says their strong results reflect the strategy the group has been implementing for a few years now.

"We've exited our Rest of Africa retail investments and our Eastern European investments and really focused on South Africa. Our Rest of South Africa portfolio is largely made up of precincts as well as dominant retail centres, and then of course Waterfall is something we've been busy with for over ten years now with its mixed use precinct... and our Mall of Africa surrounded by what we refer to as collaboration hubs - hotels, schools, hospitals etcetera."

Raj Nana, CFO - Attacq Group

"That focus strategy is now literally paying dividends. And what perhaps stood out for me over the last 24 months was our transaction with the GEPF where they bought into Waterfall City... As part of that transaction, we managed to refinance a lot of our debt at lower rates, as well as enter into the debt capital markets, accessing more affordable debt..."

Raj Nana, CFO - Attacq Group

Scrolll up to the audio player to listen to the interview with Nana