Financial Highlights| FY 2025 | 1Q 2026 | Quarter Ended 31 March 2026 | |
|---|---|---|---|
| Actual | Actual | Actual | |
| Total assets (RM million) | 5,620.5 | 5,631.5 | 5,631.5 |
| Gross Revenue (RM million) | 476.8 | 127.4 | 127.4 |
| Net Property Income (RM million) | 289.4 | 80.4 | 80.4 |
| Distributable Income (RM million) | 149.2 | 45.8 | 45.8 |
| Distribution Per Unit (sen) | 4.84 | 1.36 | 1.36 |
| Distribution Yield (%) 1 | 7.7 | 2.2 | 2.2 |
| Distribution Per Unit (sen) - actual/annualised | 4.84 | 5.22 | - |
| Distribution Yield (%) 1 - actual/annualised | 7.7 | 8.6 | - |
* Unbilled lease income receivable is recognised pursuant to the requirements of MFRS 16, to recognise rental income from operating lease on a straight-line basis over the lease term
The unaudited condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying explanatory notes attached to the interim financial statements and the audited financial statements for the year ended 31 December 2025.
The unaudited condensed consolidated statement of financial position should be read in conjunction with the accompanying explanatory notes attached to the interim financial statements and the audited financial statements for the year ended 31 December 2025.
Quarter and Year-to-Date Results (1Q 2026 vs 1Q 2025)
The Group recorded gross revenue of RM127.4 million in 1Q 2026 against RM120.4 million for 1Q 2025. Revenue for the quarter under review has increased by RM7.0 million mainly due to higher revenue contributed by East Coast Mall and Sungei Wang Plaza as well as contribution from logistics and industrial assets acquired in 2025, namely, Synergy Logistics Hub, Senai Airport City Facilities and Iskandar Puteri Facilities.
Property operating expenses for 1Q 2026 was RM47.0 million, a decrease of RM3.3 million or 6.6% against 1Q 2025, mainly due to lower utilities expenses and maintenance.
Net property income for 1Q 2026 of RM80.4 million has increased by 14.7% against 1Q 2025.
Finance costs for 1Q 2026 of RM23.9 million was slightly lower as compared to 1Q 2025. The interest savings arising from i) repayment of borrowings using the proceeds from equity fund raising exercise in 3Q 2025, ii) interest rate refixing done during FY2025 and iii) the OPR cut in July 2025 have more than offset the effect of additional borrowings drawdown for the acquisition of new assets in FY2025. The average cost of debt was 4.24% p.a. (2025: 4.46% p.a.).
Distributable income increased by RM8.5 million or 22.7% as compared to 1Q 2025 due to the abovementioned factors.
| Key Financial Indicators | ||
| FY 2025 | 1Q 2026 | |
|---|---|---|
| Unencumbered assets as % of total assets | 28.0% | 27.4% |
| Gearing ratio | 39.0% | 39.3% |
| Average cost of debt (YTD) | 4.34% | 4.24% |
| Fixed:Floating rate debt ratio | 84%:16% | 72%:28% |
| Net Debt / EBITDA (times) 1 | 8.5 | 8.5 |
| Interest coverage (times) 2 | 2.6 | 2.6 |
| Average term to maturity (years) | 4.6 | 4.4 |
