KIP REIT's net profit inches up, despite 17.6pct jump in net property income
KUALA LUMPUR: KIP Real Estate Investment Trust (KIP Reit) recorded a marginal increase in net profit to RM17.25 million in the first quarter ended Sept 30, from RM17.24 million a year earlier.
KIP Real Estate Investment Trust (KIP Reit) reported a slight rise in net profit for the first quarter, ending September 30, to RM17.25 million, up from RM17.24 million in the same period last year, according to its Bursa Malaysia filing. Revenue increased by 19.6 percent to RM48.75 million, compared to RM40.76 million in the previous quarter.
KIP Reit credited the growth to enhanced performance at its nine KIPMalls and earnings from newly acquired retail and industrial properties as part of its expansion strategy. Net property income climbed 17.6 percent year-on-year to RM35 million from RM29.7 million, driven by higher revenue from retail and industrial assets. Revenue from various regions showed diverse trends, with the central region seeing a 15.3 percent increase to RM23.1 million, the southern region growing 7.5 percent to RM14.7 million, the northern region expanding 33.9 percent to RM6.6 million, and the eastern region contributing RM1.1 million, up from RM0.1 million a year ago.
KIP Reit maintains optimism about its performance for the financial year 2027, relying on the success of its current portfolio and strategies to improve leasing and operations while targeting quality investments. The company anticipates sustaining stable performance throughout the fiscal year. KIP Reit plans to continue managing its existing portfolio and exercising careful capital management to provide consistent distribution per unit to unitholders.
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