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KUALA LUMPUR: The Al-Hadharah Boustead REIT (Al-Hadharah REIT) registered a higher net profit of RM32.3 million for its fourth quarter ended Dec 31, 2010 (4QFY2010), after increasing 10% from RM29.3 million the previous year.
In a media statement on Wednesday, Jan 26, the trust said the better performance was contributed to the recognition of fair value gains on investment properties of RM14.3 million. For FY2010, it recorded a profit after tax of RM82.1 million, on the back of higher revenue of RM75 million, versus RM71 million a year earlier.
Al-Hadharah Boustead REIT chairman Tan Sri Lodin Wok Kamaruddin also declared a final dividend of 6.2 sen, bringing total dividend for the year to 10 sen. This represents a yield of 7% based on the closing unit price of the year (RM1.44 per share on Dec 31, 2010).
"We are pleased to have maintained our strong performance for the financial year. As the only Islamic plantation REIT in the nation, we are glad to be one of the top performers in the REIT market. Our market capitalisation has also improved, delivering a strong return on investment for our unitholders reflecting increased shareholder value," he added.
As at Dec 31, 2010, Al-Hadharah REIT’s net asset value stood at RM1.42 per unit, compared with RM1.31 per unit in 2009. Its market capitalisation also grew to RM802.1 million for the year, versus RM724.1 million in the previous year.
"We expect performance in the next financial year to improve further particularly with the injection of two new estates into the trust. These estates are being acquired for an aggregate purchase consideration of RM189.2 million which will be settled through cash payments and funded from proceeds of the proposed placement of 75 million new units and a syariah-compliant financing facility," Lodin noted.
In a media statement on Wednesday, Jan 26, the trust said the better performance was contributed to the recognition of fair value gains on investment properties of RM14.3 million. For FY2010, it recorded a profit after tax of RM82.1 million, on the back of higher revenue of RM75 million, versus RM71 million a year earlier.
Al-Hadharah Boustead REIT chairman Tan Sri Lodin Wok Kamaruddin also declared a final dividend of 6.2 sen, bringing total dividend for the year to 10 sen. This represents a yield of 7% based on the closing unit price of the year (RM1.44 per share on Dec 31, 2010).
"We are pleased to have maintained our strong performance for the financial year. As the only Islamic plantation REIT in the nation, we are glad to be one of the top performers in the REIT market. Our market capitalisation has also improved, delivering a strong return on investment for our unitholders reflecting increased shareholder value," he added.
As at Dec 31, 2010, Al-Hadharah REIT’s net asset value stood at RM1.42 per unit, compared with RM1.31 per unit in 2009. Its market capitalisation also grew to RM802.1 million for the year, versus RM724.1 million in the previous year.
"We expect performance in the next financial year to improve further particularly with the injection of two new estates into the trust. These estates are being acquired for an aggregate purchase consideration of RM189.2 million which will be settled through cash payments and funded from proceeds of the proposed placement of 75 million new units and a syariah-compliant financing facility," Lodin noted.
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