01-05-2025
- Business
- New Straits Times
AmanahRaya REIT embarks on transformation for long-term growth
KUALA LUMPUR: AmanahRaya Real Estate Investment Trust (ARREIT) is undergoing a comprehensive strategic transformation process to strengthen the foundation for the company's long-term and sustainable growth.
In a statement, the company said this reflects its continuous emphasis on strong financial governance, precision in reporting, and alignment with regulatory best practices.
It added that over the past year, AmanahRaya-Kenedix REIT Manager Sdn Bhd (AKRM), the manager of ARREIT, has embarked on a strategic transformation journey aimed at building a stronger foundation for sustainable growth.
This transformation is guided by five key initiatives focused on enhancing governance, sustainable business growth, people, systems and financial management.
ARREIT said while these efforts are already beginning to reshape the organisation positively, the interim transition phase has had an impact on its financial performance for 2024 (FY24) — a necessary step in delivering long-term value to stakeholders.
AKRM managing director Mohd Iskandar Dzulkarnain said the company remains focused on enhancing asset performance and driving operational productivity across our portfolio.
"Our commitment is to continuously improve value creation for our unitholders through proactive asset management, sustainable initiatives, and operational excellence," he noted.
He added that ARREIT remains financially resilient, supported by a diversified portfolio, proactive tenant engagement, and ongoing asset enhancement initiatives aimed at ensuring sustainable returns for its stakeholders.
In pursuance of paragraph 9.19(35) of the Main Market Listing Requirements of Bursa Malaysia, the board of directors of AKRM has issued this clarification following a variance of more than 10 per cent between the unaudited and audited profit after tax figures.
The deviation arose as part of the audit finalisation process.
For the financial year ended Dec 31, 2024, ARREIT reported a profit after tax of RM1.80 million in the audited financial statements, compared to RM4.98 million in the unaudited results announced on Feb 28, 2025.
The variance of RM3.18 million arose from technical adjustments identified and applied during the audit finalisation, in keeping with Malaysian Financial Reporting Standards.
