IGB REIT which among others manages the MidValley Shopping Mall, for the current quarter, its total revenue was RM148.7 million, increasing 24.6% against the corresponding quarter in 2021 of RM119.4 million. Net property income was RM105.6 million, increasing 12.8% compared with the corresponding quarter in 2021 of RM93.7 million. Profit after taxation was RM143.9 million, increased 95.6% compared with the corresponding quarter in 2021 of RM73.6 million.
The realtor said the higher total revenue and net property income were mainly due to the lower rental support provided to tenants in the current quarter arising from the economic reopening and improving retail sales of tenants. The higher profit after taxation was also mainly due to the lower rental support provided to tenants and the fair value gain of RM60 million in relation to the investment properties in the current quarter. The distributable income for the current quarter amounted to RM90.6 million, consisting of realised profit of RM83.9 million and the non-cash adjustments arising mainly from a fair value gain of RM60 million and a Manager fee payable in Units of RM6.2 million.
Current period-to-date results
For the current period-to-date, IGB REIT’s total revenue was RM556.4 million, increasing 39.3% against the corresponding period-to-date in 2021 of RM399.5 million. Net property income was RM420.2 million, increasing 52.8% compared with the corresponding period-to date in 2021 of RM275.1 million. Profit after taxation was RM396.2 million, increasing 97.9% compared with the corresponding quarter in 2021 of RM200.1 million.
The higher total revenue and net property income were mainly due to the lower rental support provided to tenants in the current period to date arising from the economic reopening and improving retail sales of tenants. The higher profit after taxation was mainly due to the lower rental support provided to tenants and the fair value gain of RM60 million in relation to the investment properties in the current period-to-date.
The distributable income for the current period-to-date amounted to RM361.9 million, consisting of realised profit of RM336.2 million and the non-cash adjustments arising mainly from fair value gain of RM60 million and Manager fee payable in Units of RM24.2 mill
