• The group's largest contributor, the office segment, logged a marginal 0.2% increase in revenue to RM145.23 million from RM144.94 million, while the retail segment's revenue surged 96.07% to RM133.57 million from RM68.12 million.

KUALA LUMPUR (Nov 10): KLCCP Stapled Group reported a 30.43% rise in net profit to RM176.59 million for the third quarter ended Sept 30, 2022 (3QFY22), from RM135.39 million a year earlier, on the back of improved performances across all business segments.

Quarterly revenue rose 43.65% to RM373.98 million from RM260.35 million, said the group, comprising KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (KLCC REIT), in a Bursa Malaysia filing.

The group's largest contributor, the office segment, logged a marginal 0.2% increase in revenue to RM145.23 million from RM144.94 million, while the retail segment's revenue surged 96.07% to RM133.57 million from RM68.12 million.

The hotel operation segment's revenue surged to RM45.76 million from RM5.9 million, and its management service revenue increased 17.83% to RM68.4 million from RM58.05 million.

KLCCP Stapled declared a dividend of eight sen per stapled security — comprising a 6.96 sen income distribution from KLCC REIT and a third interim dividend of 1.04 sen from KLCCP — to be payable on Dec 23 with a Nov 24 ex-date.

In a separate statement, KLCCP chief executive officer Md Shah Mahmood said that the encouraging performances, particularly from the retail and hotel segments, give the group confidence that it is on track towards recovery.

"The various initiatives and efforts in enlivening and rejuvenating the KLCC Precinct have brought about higher footfall to Suria KLCC and increasing patronage to MOKL Hotel as we continued to focus on delivering values and creating unique experiences for our customers, guests, and tenants," he added.

For the cumulative nine months ended Sept 30, 2022, KLCCP Stapled's net profit jumped 18.25% to RM503.2 million from RM425.53 million in the same period last year, as revenue climbed 27.11% to RM1.05 billion from RM822.89 million.

KLCCP Stapled said it anticipates stronger performances, particularly from its retail and hotel segments.

"The retail and hotel segments are expected to recover progressively towards the pre-Covid-19 levels, boosted by the upcoming festive and holiday seasons coupled with the increase in international travellers' confidence," the group said, but noted that recovery may be encumbered by the increasing business and labour costs, rising interest rates and the uncertainty in Covid-19 cases.

The stapled securities ended seven sen or 1.04% higher at RM6.80 on Thursday (Nov 10), giving the group a market capitalisation of RM12.28 billion.

SHARE
RELATED POSTS
  1. Signature International gets takeover offer from Chin Hin at 84 sen per share
  2. Govt offers Gamuda’s 60%-owned SRS Consortium works on first segment of Penang LRT
  3. Bon Estates buyers, community take part in EV convoy to Johor