Al-Salām REIT Q1 NPI rises 8.8pct on strong retail segment performance
KUALA KUMPUR: Al-Salām Real Estate Investment Trust's (REIT) net property income (NPI) rose 8.8 per cent in the first quarter (Q1) ended March 31, 2025, to RM14.9 million from RM13.7 million a year ago.
For the quarter under review, Al-Salām REIT's revenue rose 7.5 per cent to RM21.4 million compared to RM19.9 million in the same period last year.
"Growth in revenue and NPI was primarily driven by the higher rentals from KOMTAR JBCC, reflecting Al-Salām REIT's strategic focus on optimising asset performance," it said in a statement.
According to Al-Salām REIT, its retail mall segment contributed strongly to revenue growth, delivering a revenue of RM12.4 million in Q1 2025 from RM10.9 million in Q1 2024.
It said NPI from the retail segment also grew 21.7 per cent year-on-year, from RM6.0 million in Q1 2024 to RM7.3 million in Q1 2025.
"The strong performance was primarily attributed to KOMTAR JBCC's improvements in rental income and promotional income, following the reconfiguration of the al-fresco dining zone on the Ground Floor with several F&B tenant openings.
"Other assets in the retail portfolio, i.e., @Mart Kempas and Mydin Hypermart Gong Badak, continue to demonstrate resilience as community-focused hypermarkets, providing essential daily provisions," it said.
Its chief executive officer, Zulhilmy Kamaruddin, said the first quarter results showed overall improvement, especially in the retail segment, underpinned by KOMTAR JBCC's stronger performance.
Zulhilmy said the company expects KOMTAR JBCC to benefit from strong traffic flows once the JB-Singapore RTS Link is completed.
"We are committed to revitalising KOMTAR JBCC through AEIs, which include reconfiguration of existing spaces to improve tenant take-up rate and occupancy.
"This has garnered strong interest from mini-anchors, which we expect to translate into sign-ups by the end of 2025," he said.
Moving forward, Zulhimy said Al-Salām REIT remains focused on delivering sustainable, long-term returns to its unitholders.
He said the company is actively managing its capital to address its gearing levels and conducting active portfolio review and optimisation.
"With ongoing efforts to drive rental growth and occupancy, we are well-positioned to capitalise on emerging opportunities in the retail and commercial sectors in Johor Bahru," he added.
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