KLCCP Stapled Group Records Strong Rebound Reflected In Q1 Performance

KLCCP Stapled Group reported a 13.9% increase in revenue to RM321.7 million with Profit Before Tax (PBT) increasing 15.3% to RM202.5 million against quarter one, last year, for the first quarter ended March 2022, reflecting a strong rebound in business activities. The Group has declared a dividend of 8.00 sen per stapled security, 14.3% higher.

With the relaxation in COVID-19 containment measures, the group registered an improved Year-on-Year (YoY) performance, across all business segments, particularly the retail and hotel segments. Retail segment’s PBT rose 36% to RM79.6 million on the back of a 23% increase in revenue, primarily contributed by higher rent revenues, advertising income, and percentage rents in Fashion and F&B. Tenant sales for the quarter almost hit pre-pandemic levels at 94% with footfall gaining steady momentum. 

Chief Executive Officer, Md. Shah Mahmood said, “From now until December 2022, over 40 high-profile international events, conventions and exhibitions will be hosted at the Kuala Lumpur Convention Centre, which is located within the KLCC Precinct, and the spillover effect from these MICE activities along with tourists’ arrivals are expected to further boost the performance of our retail and hotel segments.  We are optimistic of a strong recovery given the encouraging performance of these segments and we anticipate the positive trend will continue as seen from the increased tenant sales and the gradual pick up in the hotel’s international bookings mainly by guests from Singapore, Australia, the UK and the USA,” he said.  

The office segment continued to provide a stable income to the Group, recording revenue of RM145.3 million backed by the long-term leases and Triple Net Lease agreements. The segment remains the largest contributor to the Group’s overall income at 45%.

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