Al Mal Capital REIT announces Dh20.55 million final dividend for the financial year 2024
Al Mal Capital REIT (AMCREIT), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments, has announced the final dividend for financial year 2024 amounting to Dh20,555,595 (as against Dh15,416,697 for six months ended 30 June 2024).
The final dividend of Dh4.00 fils per unit is a milestone distribution, as it is on the enhanced unitholders' capital of Dh513,889,872 raised through a rights issue in April 2024. The final dividend of Dh4.00 fils per unit combined with the interim dividend of Dh3.0 fils per unit paid in August 2024 has ensured that AMCREIT continues with its commitment of target annualized yield of 7.0 per cent to the unitholders. AMCREIT will pay the interim dividend to the unit holders with the entitlement date set for March 27, 2025.
AMCREIT delivered yet another strong financial performance for year ended 31 December 2024. In line with its strategy of growing its portfolio in the mandated sector of Education, AMCREIT completed the acquisition of Carnation Education LLC ('Carnation'), thus enhancing its overall investment portfolio. The balance sheet of AMCREIT surpassed Dh1 billion in 2024 with the investment properties valued at Dh993 million (as against Dh578 million as of 31 December 2023).
With the acquisition of Carnation (owner of Kent College Dubai), AMCREIT's net property income touched Dh65.6 million for the full year 2024, which represented an increase of c. 47 per cent over the corresponding period of twelve months ended 31 December 2023. The total comprehensive income for the full year 2024 was Dh61.9 million, an increase of c.80 per cent vis-à-vis the previous financial year 2023.
AMCREIT's core focus in growing its portfolio in the mandated sectors supports its vision of providing its investors access to an asset class with strong fundamentals and sustained growth. AMCREIT's investment properties neared c. Dh1 billion, a significant milestone given the first acquisition was completed towards the end of financial year 2021. The REIT's portfolio comprises five school campuses including two in Ajman (operated by Al Shola Group), two in Sharjah (operated by GEMS Education) and one in Dubai (operated by Aldar Education).
Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital PSC said: 'AMCREIT has delivered yet another solid performance in 2024. The year witnessed key successes including enhancement of the capital base with new investor participation, acquisition of another K-12 school taking the overall assets to five school campuses and the continued dividend distribution to the unitholders. AMCREIT believes in sustainable value creation to its unitholders and in line with this, the final dividend distribution of Dh4 fils per unit reiterates the commitment to deliver the target annualized yield of 7.0 per cent for 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
3 hours ago
- Al Etihad
UAE markets continue rally with DFM rising by more than 1%
9 June 2025 20:19 A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets continued their momentum on Monday, with the Dubai Financial Market rising by more than 1% on the first day of trading after the four-day Eid break. The Abu Dhabi Securities Exchange (ADX) recorded its third consecutive session of gains, with its general index (FADGI) rising by 0.135% to close at 9,748.13. A total of 25,847 trades were executed, involving 502 million shares with a combined value of Dh1.334 billion. The total market capitalisation of all companies listed on the ADX stood at Dh3.012 led the rally with a 1.56% gain, followed by e& with a 0.58% rise and ADNOC Gas with a 0.3% increase. Aldar has announced plans to establish the region's first King's College School Wimbledon in Abu Dhabi as part of the recently announced project Fahid Island. Multiply, whose shares rose by 0.87% on Monday, announced a new media brand bringing all its outdoor advertising companies under one banner. Other top gainers on the ADX included E7W Warrants (+14.93%), Al Wathba National Insurance (+13.92%), and Abu Dhabi National Takaful (+13.64%). Notable decliners were Gulf Medical Projects (-6.05%), Investcorp (-2.94), and National Bank of Fujairah (-2.63%). DFM The Dubai Financial Market's general index (DFMGI) rose by 1.026% to close at 5,592.75, its highest point since 2008, with almost all sectors in positive territory. A total of 20,636 trades were executed on the DFM, involving 834 million shares with a combined value of Dh1 billion. Share prices of 30 companies rose, 15 declined, and 10 remained the real estate giant, was the star performer with its stock rising by nearly 15% to reach Dh1.06. Deyaar Chief Executive Officer Saeed Mohammed Al Qatami recently wondered at a press conference why his company's stock price was less than a dirham when its book value was well above Dh1. Deyaar is often overtaken in optics by its better-known rivals — Emaar and Emaar Developments. Another blue-chip company, Salik, surged by 2.27%, leading to one of the biggest recent rallies. Among the other top gainers were Union Properties (+14.87%), Al Mal Capital REIT (+10%), and Emirates REIT (+9.43%). On the losing side, Al Mazaya Holding fell by 8.84%, followed by Emirates Islamic Bank (-5.65%), Amlak (-4.24%), and National Industries (-2.01%). Monday was the last day of trading for Emirates Islamic as its 100% ownership was acquired by its parent company, Emirates NBD. Amlak Finance, in a disclosure, clarified that the recent price rally was triggered by the company's decision to proceed with the execution of the sale of the Ras Al Khor plots to Emaar Development for a total consideration of Dh2.9 billion. Stock Markets Continue full coverage
Al Etihad
2 days ago
- Al Etihad
Fitch reaffirms TAQA's credit rating at ‘AA Stable'
7 June 2025 15:42 A. SREENIVASA REDDY (ABU DHABI)Fitch Ratings has reaffirmed Abu Dhabi National Energy Company's (TAQA) long-term credit rating at 'AA' with a Stable Outlook, underscoring the company's robust financial profile and strategic importance to the Abu Dhabi rating reflects TAQA's classification as a government-related entity, with Fitch assuming 'virtually certain' support from the Abu Dhabi government in all financial continues to enjoy the same sovereign rating as the government of Abu Dhabi, based on the expectation that its obligations would be fully supported if needed. Alongside this, Fitch Ratings has maintained TAQA's standalone credit profile (SCP) at 'bbb+', recognising the company's solid operational fundamentals.'The standalone profile reflects TAQA's strong business fundamentals, which are supported by its dominant presence in Abu Dhabi and a substantial portion of regulated and quasi-regulated earnings. We expect higher capex in 2025-2028 to increase its funds from operations,' Fitch Ratings observed in its latest agency highlighted that regulated and quasi-regulated businesses contributed 51% and 34%, respectively, to TAQA's 2024 EBITDA, underlining the company's stable revenue base. 'It has a leading position in Abu Dhabi as a fully integrated utility,' the agency cited several factors that justify the continued strong rating for TAQA, a key player in the region's energy infrastructure. 'We see no effective substitutes for TAQA given its role in the energy system of Abu Dhabi. TAQA has a large share in power generation and water desalination, monopoly in the electricity and water transmission and distribution (T&D), and wastewater treatment,' the report strategic investments have further reinforced TAQA's position. The 2024 acquisition of Sustainable Water Solutions Holding Company (SWS) and an equity stake in Abu Dhabi Future Energy Company (Masdar) have bolstered the company's capabilities as a leading integrated utility. 'A TAQA default could also affect the cost of funding for the sovereign, given its large size and activity on capital markets,' Fitch expects the regulatory framework governing electricity and water T&D in Abu Dhabi to remain stable and transparent, with effective cost-recovery mechanisms that compare favourably to other emerging markets. It also anticipates continued and timely subsidy payments from the state, supporting TAQA's financial ahead, Fitch forecasts that TAQA will receive increased earnings contributions from its associate companies over 2025–2028, amounting to Dh1 billion annually, with half of that expected from ADNOC Gas, in which TAQA holds a 5% stake. 'We do not forecast any dividends from Masdar, given its ambitious growth plans and targets,' the agency remains committed to Vision 2030, particularly in transmission, distribution, water, and power generation. Fitch estimates that Dh8 billion will be injected over 2025–2026, reinforcing TAQA's long-term investment trajectory. 'TAQA also plays an important role in achieving Abu Dhabi's energy targets of 2050, through its commitment to invest around Dh75 billion in 2021–2030, of which Dh26.7 billion were invested in 2021–2024,' Fitch summary, TAQA's reaffirmed rating is anchored in its strong business profile, stable cash flows, supportive regulatory environment, and strategic position in Abu Dhabi's utilities sector, backed by the near-certain support of the government. ADQ, the sovereign wealth fund, holds over 90% stake in TAQA, which is listed on the Abu Dhabi Securities Exchange with market cap of Dh370 billion. Source: Aletihad - Abu Dhabi
Al Etihad
01-06-2025
- Al Etihad
MOCCAE, Emirates Growth Fund to power UAE SMEs driving food security, AgriTech
1 June 2025 19:41 AL AIN (WAM)The Ministry of Climate Change and Environment (MOCCAE) has signed a Memorandum of Understanding (MoU) with Emirates Growth Fund (EGF) to catalyse the growth of UAE-based companies shaping the future of food, agriculture, and environmental agreement was signed during the Emirates Agriculture Exhibition and Conference 2025 in Al Ain in the presence of the Minister of Climate Change and Environment, Dr. Amna bint Abdullah Al Dahak, and the Vice Chair and Managing Director of EGF, Najla Al strategic partnership brings together two national entities committed to supporting SMEs operating in the areas of food and water security, agricultural innovation and local production, environmental technologies, and climate-aligned business MOCCAE and EGF aim to unlock new opportunities for UAE-based businesses to lead in building a more self-sufficient, sustainable, and resilient national securing the country's food supply to advancing environmental innovation, the collaboration reflects a shared vision of empowering the private sector to drive lasting MoU provides a framework for exchanging knowledge, co-promoting eligible companies, and showcasing success stories that align with the UAE's long-term climate and food security Al Dahak commented, "This partnership paves the way for achieving our shared environmental objectives aligned with the goals of the National Food Security Strategy 2051, and We the UAE Vision 2031. The private sector is a key component of our drive towards environmental resilience and food security.""By empowering SMEs working in food supply chain and environmental innovation we are laying a strong foundation for greater national self-reliance and a future-ready economy. The Ministry of Climate Change and Environment is dedicated to fostering holistic climate action across all sectors, ensuring future readiness and the ability to adapt to evolving global challenges."Al Midfa added, "EGF exists to support businesses solving national challenges through innovation and scale. Through this collaboration, we are not only providing patient capital but acting as long-term partners to founders. Our value creation approach brings strategic guidance, governance support, and access to networks. By focusing on agri tech and environmental innovation, we are investing in the building blocks of national resilience and self-sufficiency."Established with Dh1 billion in capital, the Emirates Growth Fund invests in UAE-based growth-stage companies operating in sectors of strategic importance to the nation. The Fund offers more than capital, providing long-term partnership to help scale businesses built to last.
