PETALING JAYA: KLCCP Stapled Group, which consists of KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust, remains cautiously optimistic as it navigates economic challenges that could affect consumers’ confidence.
For the fourth quarter ended Dec 31, 2024 (4Q24), the group saw a 12% year-on-year (y-o-y) increase in its net profit to RM430.9mil. Revenue for the quarter was also up by 4% y-o-y to RM459mil.
For the financial year ended 2024 (FY24), KLCCP Stapled Group’s net profit was higher by 9% y-o-y to RM1.02bil. Revenue also rose by 6% y-o-y to RM1.7bil.
In a statement yesterday, the group said its retail segment, represented by Suria KLCC and the retail podium of Menara 3 PETRONAS, posted an increase in revenue or 1.8% y-o-y to RM139.6mil in 4Q24. This was underpinned by higher base rent from an upward revision in rental rates for existing and new tenants, along with improved occupancy of 99% from 97% previously.
As for its hotel segment, represented by Mandarin Oriental, the group saw revenue climb by 4.1% y-o-y to RM67.9mil in 4Q24, driven by growth in group stays and banqueting events.
The hotel’s revenue per available room for 4Q24 saw a 3.7% y-o-y increase.
Meanwhile, KLCCP Stapled Group’s office segment, made up of PETRONAS Twin Towers, Menara 3 PETRONAS, Menara ExxonMobil and Menara Dayabumi, recorded a slight drop in revenue by 0.14% y-o-y to RM146.3mil.
KLCCP Stapled Group chief executive officer Datuk Mohd Salem Kailany said the firm remains steadfast in its continued growth, backed by robust customer spending and a recovering tourism industry.
“The company’s overall performance in 2024 reflects solid growth across all our businesses, enabling us to deliver the highest dividend payout since the group’s listing,” he said.
Going forward, the group said it remains cautiously optimistic in delivering another positive performance in 2025, underpinned by the stability of the office segment which is backed by long-term leases and triple net lease arrangements.
KLCCP Stapled Group said Suria KLCC will continue to reaffirm its presence by prioritising customer-centric strategies and sustainable growth, while emphasising the importance of enhancing customer experiences and driving innovation in a competitive landscape and fostering a supportive environment for its stakeholders.
On the other hand, Mandarin Oriental will continue to strengthen its collaboration with KLCC precinct partners to achieve sustainable performance.
The group has declared a dividend of 17.10 sen per stapled security for 4Q24, bringing the total dividend of the year to 44.50 sen per stapled security.
