Al Mal Capital REIT announces final dividend for FY 2024
Al Mal Capital REIT, the first real estate investment trust managed by Al Mal Capital, a diversified, multi-line investment company and a subsidiary of Dubai Investments, has delivered yet another strong financial performance for FY 2024, setting the final dividend at AED20.5 million ($5.6 million).
The DFM-listed Al Mal Capital REIT (Amcreit) said the final dividend of AED4 fils per unit is a milestone distribution, as it is on the enhanced unitholders' capital of AED514 million ($140 million) raised through a rights issue in April 2024.
The final dividend of AED4 fils per unit combined with the interim dividend of AED 3.0 fils per unit paid in August 2024 has ensured that Amcreit continues with its commitment of target annualized yield of 7.0% to the unitholders.
The REIT will pay the interim dividend to the unit holders with the entitlement date set for March 27, 2025.
In line with its strategy of growing its portfolio in the mandated sector of Education, Amcreit completed the acquisition of Carnation Education (Carnation), thus enhancing its overall investment portfolio.
The Emirati group's REIT said its balance sheet surpassed AED 1 billion in 2024 with the investment properties valued at AED 993 million (as against AED 578 million as of 31 December 2023).
With the acquisition of Carnation (owner of Kent College Dubai), Amcreit's net property income touched AED 65.6 million for the full year 2024, which represented an increase of c. 47% over the corresponding period of twelve months ended 31 December 2023.
The total comprehensive income for the full year 2024 was AED 61.9 million, an increase of 80% vis-à-vis the previous financial year 2023.
Commenting on the dividend distribution, Al Mal Capital Vice Chairman and CEO Naser Al Nabulsi 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."
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