KUALA LUMPUR: KLCC Stapled Group, which comprises KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (REIT), recorded a higher net profit of RM206.53 million in the third quarter ended Sept 30, 2024 (3Q 2024) compared to RM185.33 million in the same period last year.
The retail property investment segment saw a notable increase in revenue and profit before tax of 8.5 per cent and 12.3 per cent, respectively, due to its continuous achievement which underscores its effective retail space management, which has led to improved occupancy.
Revenue in 3Q 2024 rose by 7.1 per cent to RM429.61 million from RM401.15 million previously, driven by the commendable performance by the retail and hotel segments.
KLCC Stapled Group said the results reflected the acquisition of the remaining 40 per cent stake in Suria KLCC, with profit attributable to equity holders (PATMI) increasing by 11.4 per cent to RM206.53 million during the quarter from RM185.34 million previously.
"The performance in all segments was commendable, especially in the retail and hotel segments,” it said.
For the first nine months of its financial year ending Dec 31, 2024, the group reported a higher net profit of RM585.62 million, up from RM546.70 million in the same period a year ago. Revenue rose to RM1.25 billion from RM1.17 billion previously.
On prospects, the directors remain positive on the outlook of the group’s performance, supported by its strategic assets, brand names and continued efforts in cost optimisation.
The group has also declared a third interim dividend of 9.20 sen for 3Q 2024, payable on Dec 30, 2024.
In a separate statement, KLCC Stapled Group chief executive officer Datuk Mohd Salem Kailany said the group’s strong financial results in 3Q saw impressive performance from its retail and hotel segments.
"Mandarin Oriental, Kuala Lumpur saw high revenue per available room growth in the quarter from a strong events calendar and in successfully capturing the leisure segment.
"Suria KLCC's attractive tenant mix, exciting new tenants, experiential marketing initiatives and campaigns for events bolstered the profitability and strengthened its position as the iconic experiential shopping destination in the country,” he said. - Bernama
