KLCCP Stapled Group upbeat on 2023 prospects

PETALING JAYA: KLCCP Stapled Group is optimistic that its impressive recovery momentum will further accelerate to deliver stronger results in 2023, supported by the stability of the office segment and the strong footing of its retail and hospitality segments.

In a statement, Malaysia’s largest self-managed stapled security which consists of KLCC Property Holdings Bhd (KLCCP) and KLCC-REIT, said Suria KLCC will continue to drive innovative marketing programmes to bring more quality traffic into the mall to drive sales for its retail partners.

The group added that Mandarin Oriental, Kuala Lumpur (MOKL Hotel) will focus on delivering world-class hospitality and enhancing brand value, capitalising on the return of tourists.

For the fourth quarter ended Dec 31, 2022, the group posted a near 19% growth in revenue to RM413.3mil, while pre-tax profit jumped 462% to RM359.6mil, due to the stable performance of the office segment and the heightened hotel and retail activities.

For financial year 2022, group revenue grew 24.6% to RM1.5bil while pre-tax profit was 80.1% higher at RM1bil.

The group said a fair value gain arising from the valuation of investment properties amounting to RM128.7mil, compared to a loss of RM144.5mil in 2021, also contributed to the improved pre-tax profit.

It declared a dividend of 38 sen per stapled security for 2022 – a total dividend payment of RM686mil (growth of 13.1% from 2021) and on par with the pre-pandemic payout.