KUALA LUMPUR (Nov 28): KLCCP Stapled Group’s net profit rose 4.96% to RM185.34 million in the third quarter ended Sept 30, 2023 (3QFY2023), from RM176.59 million a year ago, on improved hotel and management services while the office segment remained steady.
The group — comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC REIT) — saw quarterly revenue grow 7.27% to RM401.16 million from RM373.98 million, its filing showed.
It declared a dividend of 8.8 sen per stapled security for the quarter, up from eight sen the year before, bringing the total declared dividend so far in the year to 26.1 sen.
The hotel segment, represented by Mandarin Oriental Kuala Lumpur (MOKL), recorded its best quarter to-date with RM55 million in revenue, up 20.1% from RM45.8 million in 3QFY2022.
The hotel posted a profit before tax (PBT) of RM1.7 million, as it capitalised on the surge in demand for corporate, group, and meetings, incentives, conferences and exhibitions (MICE) events, driving higher occupancy and a 63.1% year-on-year increase in revenue per available room.
Its management services segment, comprising facilities management and car parking management services, saw revenue increase by 25.8% while PBT rose 14.7% year-on-year, mainly due to the transformation of workspaces to the “Workplace For Tomorrow” concept for its office building tenants.
The group’s Suria KLCC and the retail podium of Menara 3 Petronas, which represent the retail segment, recorded revenue of RM126.5 million, which surpassed last year’s performance by 5.4%, and PBT of RM100.7 million, which was up 1% year-on-year. It added that there were eight new tenants which came onboard in Suria KLCC during the quarter.
Meanwhile, its office segment, comprising the Petronas Twin Towers, Menara 3 Petronas, Menara Exxonmobil and Menara Dayabumi, continued to be the primary contributor to the group’s revenue, backed by long-term tenancies and the triple net lease of Petronas Twin Towers and Menara 3 Petronas.
For the nine-month period ended Sept 30, 2023 (9MFY2023), KLCCP Stapled Group’s net profit climbed 8.65% to RM546.7 million from RM503.2 million in the previous year’s corresponding period, as revenue rose 12.48% to RM1.18 billion from RM1.05 billion.
Looking ahead, KLCCP Stapled Group said MOKL is expected to sustain its recovery momentum, backed by the growing international tourism and increasing corporate demand, while the retail segment is expected to continue to benefit from the upcoming festive and holiday season coupled with the increase in international and domestic footfalls that is expected to further boost tenant sales.
“Amid this challenging landscape, the group will continue to capitalise on its iconic assets and resilient business portfolio whilst ensuring cost management discipline to deliver a stronger performance in the next quarter,” it said.
The group’s units were down six sen or 0.86% to close at RM6.95 on Tuesday, giving it a market capitalisation of RM12.55 billion.
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Source: EdgeProp.my
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