{"id":89309,"date":"2024-02-22T00:00:00","date_gmt":"2024-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/al-mal-capitals-reit-saw-net-income-rise-in-2023\/"},"modified":"2024-02-22T00:00:00","modified_gmt":"2024-02-22T00:00:00","slug":"al-mal-capitals-reit-saw-net-income-rise-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/22\/al-mal-capitals-reit-saw-net-income-rise-in-2023\/","title":{"rendered":"Al Mal Capital\u2019s REIT saw net income rise in 2023"},"content":{"rendered":"

Dubai Investments subsidiary <\/strong>Al Mal Capital<\/a><\/strong>\u2019s<\/a> real estate investment trust (REIT)<\/a><\/strong> saw its net income rise 73% <\/strong>y-o-y<\/strong> to AED 34.5 mn in 2023, according to the company\u2019s financial statements (pdf)<\/a>. The company\u2019s topline almost doubled, growing 93% y-o-y to AED 44.8 mn over the year. Al Mal Capital\u2019s total assets also jumped 75% y-o-y to AED 624 mn in 2023. <\/p>\n

The real estate fund <\/strong>attributed <\/strong>the robust performance to the <\/strong>acquisition of two schools<\/a><\/strong>that were leased to Gems Education, resulting in \u201cdeployment of a major part of unitholders\u2019 equity, increased lease rental income, and upscaling the dividend payout to achieve the target dividend return of 7%.\u201d<\/p>\n

Looking ahead: <\/strong>\u201cThe fund is seeking to upscale the unitholders\u2019 capital in 2024 and is working towards a capital offering to shore up the equity base to acquire new assets and grow the portfolio.\u201d<\/p>\n

ICYMI- <\/strong>Al Mal recently<\/a> said it plans to issue 400 mn new units at a price of AED 1.1 per unit, leading to a share capital increase of AED 790 mn if fully subscribed. <\/p>\n","protected":false},"excerpt":{"rendered":"

The firm saw its bottom line climb 73% y-o-y<\/p>\n","protected":false},"author":1,"featured_media":89310,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[785,130,1419,237,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-al-mal-capital","tag-dfm","tag-earnings","tag-earnings-watch","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"1938a930-a6a2-4e2c-bafa-dd4aa4e1a1aa","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2318.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Mal Capital\u2019s REIT saw net income rise in 2023","related_issue":[89294],"teaser":"The firm saw its bottom line climb 73% y-o-y","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.a8e07076-09fd-4b04-97f0-8e5b81f7dd56.mp3"},"yoast_head":"\nAl Mal Capital\u2019s REIT saw net income rise in 2023 - 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