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Financial markets

Al Mal Capital REIT Shows Robust Performance in First Half of 2024

Strategic Insights

— 2 min read

Al Mal Capital REIT, a leading real estate investment trust in Dubai, has exhibited a remarkable growth trajectory in the first half of 2024. The company's condensed consolidated interim financial statement highlights a notable increase in total assets, rising from AED 624.04 million to AED 1.05 billion, accompanied by a significant jump in profits and a strategic expansion in its investment property portfolio.

Key Takeaways:

  • Al Mal Capital REIT's total assets increased from AED 624.04 million at the end of 2023 to AED 1.05 billion as of June 30, 2024, representing a growth of AED 425.96 million.
  • Net assets value rose from AED 365.86 million at the end of December 2023 to AED 570.36 million by mid-2024, led by a surge in investment properties value, which nearly doubled from AED 578 million to AED 989 million.
  • Cash and cash equivalents increased from AED 19.99 million to AED 28.10 million, while short-term deposits and receivables contributed to a rise in total current assets from AED 46.04 million to AED 63.49 million.
  • Equity expanded due to rights issued, swelling the unitholders' capital from AED 350.06 million to AED 513.89 million, and introducing a new securities premium totaling AED 16.38 million.
  • Liabilities expanded primarily due to an increase in bank borrowings, which more than doubled, signifying a robust financing strategy to support growth.
  • Net income for the period surged to AED 37.44 million from AED 22.10 million in the same period last year, buoyed by a significant rise in lease revenue and notable gains from property revaluations and other income streams.
  • Operating profits and comprehensive income for the period both reflected positive outcomes, further strengthening Al Mal Capital REIT's market position.
  • Earnings per unit increased from AED 0.063 in the first half of 2023 to AED 0.073 in the same period of 2024.

Statistics:

  • Total assets: AED 624.04 million (2023) to AED 1.05 billion (June 30, 2024)
  • Net assets value: AED 365.86 million (2023) to AED 570.36 million (mid-2024)
  • Investment properties value: AED 578 million (2023) to AED 989 million (mid-2024)
  • Cash and cash equivalents: AED 19.99 million (2023) to AED 28.10 million (mid-2024)
  • Short-term deposits and receivables: AED 46.04 million (2023) to AED 63.49 million (mid-2024)
  • Equity: AED 350.06 million (2023) to AED 513.89 million (mid-2024)
  • Liabilities: Increased by more than 100% due to an increase in bank borrowings
  • Net income: AED 22.10 million (2023) to AED 37.44 million (mid-2024)
  • Lease revenue: AED 21.21 million (2023) to AED 24.93 million (mid-2024)
  • Earnings per unit: AED 0.063 (2023) to AED 0.073 (mid-2024)

Sources:

  • Dubai Financial Market, Condensed Consolidated Interim Financial Statement of Al Mal Capital REIT (2024)

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