IGB REIT'S FY2022 NET PROFIT SURGES TO RM396.16 MLN
KUALA LUMPUR, Jan 19 (Bernama) -- IGB Real Estate Investment Trust’s (IGB REIT) net profit surged to RM396.16 million or 97.9 per cent in the financial year ended Dec 31, 2022 (FY2022) from RM200.15 million recorded in the previous year.
Revenue for the period under review rose by 39.3 per cent to RM556.41 million versus RM399.53 million a year ago.
“The higher total revenue was mainly due to the lower rental support provided to tenants in the current period-to-date arising from the economic reopening and improving retail sales of tenants.
“The higher profit after tax was mainly due to the lower rental support provided to tenants and the fair value gain of RM60 million in relation to investment properties in the current period-to-date,” it said in a filing with Bursa Malaysia today.
In the fourth quarter of 2022, IGB REIT noted that it registered a net profit of RM143.93 million compared to RM73.59 million in the corresponding quarter of 2021, while revenue for the quarter increased to RM148.72 million versus RM119.37 million previously.
Meanwhile, IGB REIT said for 2023, it remains cautious about the challenges for the growth of retail sales which would affect the tenants’ performance in shopping malls and also the financial performance of IGB REIT.
“Nonetheless, IGB REIT remains committed to bringing long-term value to its stakeholder,” it added.
-- BERNAMA
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