Latest news with #IGBRealEstateInvestmentTrust
New Straits Times
27-05-2025
- Business
- New Straits Times
IGB posts lower net profit of RM89.07mil in 1Q
KUALA LUMPUR: IGB Bhd posted a lower net profit of RM89.07 million in the first quarter of its financial year ended Dec 31, 2025 (1Q 2025), compared to RM185.34 million in the same period a year ago. In a filing with Bursa Malaysia today, the property company said that this was due to a one-off RM108.7 million land sale contribution recognised in 1Q 2024. However, the company recorded a higher revenue of RM499.38 million in 1Q 2025, compared to RM416.47 million in 1Q 2024, supported by stronger contributions across all business segments, mainly from retail and property development division. "The retail segment under IGB Real Estate Investment Trust (REIT) posted a 7.0 per cent growth in total revenue to RM171.4 million in 1Q 2025 against RM160.6 million in 1Q 2024 and an 8.0 per cent growth in net property income of RM105.0 million (1Q 2024: RM96.9 million). "The property development division saw its revenue grow to RM64.0 million in 1Q 2025 from RM13.6 million in 1Q 2024, primarily due to the sales of the Southpoint Residences project," it said. On prospect, IGB said the group would maintain a cautiously optimistic outlook for their overall financial performance, despite potential economic headwinds across key sectors. "The group plans to focus on tenant engagement and phased asset enhancement initiatives for the commercial segment, as well as elevating guest experience in the hospitality segment through the refurbishment of St Giles Gardens Hotel and MiCasa All Suite Hotel, alongside the recent launch of the CHM Club hotel loyalty programme. "The company also aims to expand its landbank and explore collaborative partnerships in the property development space," it said. -- BERNAMA
New Straits Times
24-04-2025
- Business
- New Straits Times
IGB REIT Q1 net profit rises to RM106mil
KUALA LUMPUR: IGB Real Estate Investment Trust (REIT) posted a higher net profit of RM106.58 million for the first quarter ended March 31, 2025 (Q1 2025) from RM99.61 million in Q1 2024. Revenue rose by 5.4 per cent to RM171.44 million compared with RM162.56 million previously, IGB REIT Management Sdn Bhd, the manager of IGB REIT, said in a filing with Bursa Malaysia. Similarly, net property income (NPI) grew by 7.1 per cent to RM133.1 million in Q1 2025 from RM124.2 million in Q1 2024. "The increase in both the revenue and NPI were mainly due to higher rental income in Q1 2025," it said. The manager said it has proposed a distribution per unit (DPU) of 3.19 sen for Q1 2025 up 0.23 sen or 7.8 per cent versus Q1 2024. This translates into an annualised distribution yield of 5.75 per cent, based on IGB REIT's unit price of RM2.25 as at March 31, 2025. On outlook, IGB REIT remains steadfast in its commitment to delivering long-term value to stakeholders through ongoing property upgrades, tenancy mix management, and sustainability-linked improvements. IGB REIT owns two major retail assets, Mid Valley Megamall and The Gardens Mall, located in Mid Valley City, within the Klang Valley. Committed to customer experience and cost efficiency, the manager said both malls are undergoing asset enhancement initiatives to upgrade their spaces and streamline operations. IGB REIT is managed and administered by IGB REIT Management, which works to increase income and enhance asset value over time with the objective to maximise returns from investments.
New Straits Times
23-04-2025
- Business
- New Straits Times
IGB Reit 1Q net profit rises to RM106.58 mln
KUALA LUMPUR: IGB Real Estate Investment Trust (REIT) posted a higher net profit of RM106.58 million for the first quarter ended March 31, 2025 (1Q 2025) from RM99.61 million in 1Q 2024. Revenue rose by 5.4 per cent to RM171.44 million compared with RM162.56 million previously, IGB REIT Management Sdn Bhd, the manager of IGB REIT, said in a filing with Bursa Malaysia. Similarly, net property income (NPI) grew by 7.1 per cent to RM133.1 million in 1Q 2025 from RM124.2 million in 1Q 2024. "The increase in both the revenue and NPI were mainly due to higher rental income in 1Q 2025," it said. The manager said it has proposed a distribution per unit (DPU) of 3.19 sen for 1Q 2025 up 0.23 sen or 7.8 per cent versus 1Q 2024. This translates into an annualised distribution yield of 5.75 per cent, based on IGB REIT's unit price of RM2.25 as at March 31, 2025. On outlook, IGB REIT remains steadfast in its commitment to delivering long-term value to stakeholders through ongoing property upgrades, tenancy mix management, and sustainability-linked improvements. IGB REIT owns two major retail assets, Mid Valley Megamall and The Gardens Mall, located in Mid Valley City, within the Klang Valley. Committed to customer experience and cost efficiency, the manager said both malls are undergoing asset enhancement initiatives to upgrade their spaces and streamline operations. IGB REIT is managed and administered by IGB REIT Management, which works to increase income and enhance asset value over time with the objective to maximise returns from investments.
