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KLCC Stapled Group’s 2Q net profit rises 15% to RM165m, declares eight sen dividends

KLCC Stapled Group’s 2Q net profit rises 15% to RM165m, declares eight sen dividends

  • The group said in a filing in Bursa Malaysia on Tuesday August 9 that the improved year-on-year performance was mainly due to a better performance in its retail segment, driven by more leasing aid. low and higher ad revenue.
  • Suria KLCC and Menara 3 Petronas Retail Podium representing the retail segment recorded a 46.4% increase in revenue to RM125.2 million.

KUALA LUMPUR (August 9): KLCC Stapled Group’s net profit for the second quarter ended June 30, 2022 (2QFY22) increased by 14.69% to RM165.18 million from RM144.01 million it a year ago, while revenue increased by 25% to RM350. 31 million RM280.17 million.

The group declared interim dividends comprising 0.99 sen and 7.01 sen relating to KLCC Property Holdings Bhd and KLCC REIT respectively for 2QFY22, totaling eight sen per stapled security, to be paid on September 28. These brought KLCC Stapled Group’s total revenue distribution to 16 sen for the first half of FY22.

The group said in a filing in Bursa Malaysia on Tuesday August 9 that the improved year-on-year performance was mainly due to a better performance in its retail segment, driven by more leasing aid. low and higher ad revenue.

In a separate statement, he said Suria KLCC and Menara 3 Petronas Retail Podium, which represents the retail segment, recorded a 46.4% increase in revenue to 125.2 million RM.

The group added that occupancy in the hotel segment had increased significantly with the opening of international borders and the lifting of pandemic restrictions.

Its hotel segment recorded higher revenue of RM32.1 million from RM8.5 million in 2QFY21, reducing the loss to RM8.3 million.

He said this was supported by higher average occupancy of 43% compared to 12% a year ago, higher food and drink covers and a higher average room rate of RM681 compared to RM590 a year ago. one year old.

The management services segment, consisting of group facilities and car park management, as a whole, also saw an 11.5% increase in revenue to RM66.6 million, he said. noted.

Meanwhile, he said the office segment, including the Petronas Twin Towers, Menara 3 Petronas, Menara ExxonMobil and Menara Dayabumi, remained stable thanks to triple net lease and long-term leases.

For the cumulative six months ended June 30, 2022, the group’s net profit increased by 12.57% to RM326.61 million from RM290.14 million a year earlier, while revenue also increased by 19.46% to RM672.02 million from RM562.54 million.

Following the announcement of its 2QFY22 financial results, the group said that Suria KLCC will continue to improve its customer experience, including providing a new online booking platform for better service connectivity.

She also said that her hotel, the Mandarin Oriental Kuala Lumpur, anticipates better visibility in the coming quarters with a rebound in tourist arrivals, a reinforced events calendar and an improvement in MICE activities (meetings, incentives, conferences, and exhibitions). .

Going forward, the group is optimistic about its recovery to achieve pre-pandemic level performance.

“However, rising inflation and rising commodity costs could hamper economic recovery, so stimulus efforts could take longer than expected. Weaker purchasing power and a sense of Cautious consumption could hamper the ‘back to normal’ trajectory of the retail and hospitality segment,” he added. warned.

The office segment is expected to remain stable on long-term leases while Suria KLCC will continue to capitalize on the return of tourists and intensify its retail activities and promotional programs, he added.

KLCC Stapled Group settled unchanged at RM6.93 on Tuesday, valuing the group at RM12.51 billion.

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