PETALING JAYA: KIP Real Estate Investment Trust
(KIP-REIT), which saw growth in top line for the financial year ended June 30, 2024 (FY24), is bullish about its prospects for FY25, driven by promising outlook in existing assets and acquisition opportunities.
For FY24, KIP-REIT recorded a revenue of RM102.2mil, a 22% increase from RM83.7mil in FY23.
This is driven by improvement in occupancy rate for the retail sector from 92% to 94.1%, the recognition of full-year lease income from three industrial properties acquired in December 2022 and contributions from the newly acquired KIPMall Kota Warisan.
Net profit, however, plunged by 22% year-on-year to RM47.3mil.
Net asset value per unit after income distribution stood at RM1.0954 as at the end of FY24, compared with RM1.0884 in the previous year.
The increase in net asset value was mainly due to the acquisition of investment property during the financial year.
