KIP REIT holds positive outlook on back of strong property portfolio performance


KIP REIT chief executive officer Valerie Ong Pui Shan

KUALA LUMPUR: KIP Real Estate Investment Trust (KIP REIT) holds a favorable outlook, considering the positive performance of its existing property portfolio.

“As a result, the manager anticipates the ability to sustain a stable performance throughout the fiscal year 2024,” KIP REIT said.

“The manager will continue to manage the existing portfolio and exercise prudent capital management in order to deliver sustainable distributions per unit (DPU) to unitholders. The manager will also continue to evaluate growth opportunities in its existing and new asset classes of retail and industrial assets,” it added.

KIP REIT’s net profit in the fourth quarter ended June 30 falling 31.9% year-on-year (y-o-y) to RM33.3mil, or 5.5 sen earnings per share while revenue rose 16.5% y-o-y to RM22.4mil.

For the full year, its net profit fell 19.5% y-o-y to RM60.8mil despite revenue increased by 13.6% y-o-y to RM83.8mil.

The manager of KIP REIT has proposed a final income distribution of RM10.61mil, translating to 1.75 sen per unit, which includes a non-taxable portion of approximately 0.97 sen per unit derived from capital allowances and tax-exempt income.

The book closure is fixed for Aug 8, 2023 and payment of the proposed income distribution will be made on Aug 29, 2023.

“I am pleased to have closed off our 2023 financial year on a strong note. It has turned out to be an eventful financial year for us, with the highlight being our maiden venture into the industrial space. With that said, the retail segment will continue to be the driving force for KIP REIT and we will not rest on our laurels,” chief executive officer Valerie Ong Pui Shan said.

“Our retail properties have seen extremely encouraging occupancy rates of over 90% which proofed that we are attracting the right shopper and tenant mix. Including the food and beverage sector as well as beauty, health and wellness stores, more than a third of KIPMalls’ tenants are in the non-discretionary services – it is therefore unsurprising to see our malls being a crowd-puller as we cater to the consumers’ evolving shopping behaviour,” she said.

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