KUALA LUMPUR, Jan 23 — Axis Real Estate Investment Trust’s (Axis-REIT) net profit rose 14.4 per cent to RM217.77 million for the financial year ended December 31, 2023 (FY2023), from RM190.37 million in the previous corresponding period.
Revenue increased 1.5 per cent to RM285.99 million compared to FY2022’s RM281.89 million, said Axis-REIT in a filing with Bursa Malaysia today.
For the fourth quarter of 2023 (4Q FY2023), its net profit rose by 84 per cent to RM110.23 million while revenue added 6.5 per cent to RM75.56 million.
“The substantial income growth, apart from the higher total trust income, was supported by a revaluation of all of Axis-REIT’s 62 investment properties, as at end of December 2023.
“The revaluation exercise resulted in a surplus of RM81.3 million in fair value of the investment properties,” it said in a statement.
Axis-REIT’s management company, Axis REIT Managers Bhd has proposed to distribute 99 per cent of the realised income available for distribution generated from operations — from the period October 1, 2023 to December 31, 2023 — as 2023’s final income distribution.
The distribution per unit (DPU) works out to 2.40 sen and the total DPU for FY2023 is 8.65 sen.
Meanwhile, Axis REIT Managers chief executive officer/executive director Leong Kit May said the group would be able to reap in earnings contribution from the newly completed BRDC 2, the manufacturing facility in Sendayan Techvalley Industrial Park, and hypermarket in Temerloh from 2024 onwards.
“Coupled with our continuous lookout for Grade A logistics facilities and manufacturing facilities to boost our portfolio, we are cautiously optimistic 2024 will be an even better year,” she said. — Bernama
