KLCC Property Holdings Berhad has achieved strong revenue and PBT of RM394.6 million and RM236.4 million for its second-quarter financials. PAT stood at RM208 million compared to RM188 million for the same period in 2022.
The staple group saw an improvement of 13% and 8% compared to the same period last year. Similarly, year to date, improvement was recorded in both revenue and PBT by 15% and 12% respectively.
The office segment continued to provide a stable return whilst other segments showed improvement, particularly the hotel and management services segments. The improvement was contributed by the return of the hotel’s patronage and the increase in maintenance activities undertaken by the facilities management segment.
However, this was partially offset by higher utilities costs due to the hike in the Imbalance Cost Pass-Through (ICPT) charges and impacted the bottom line across the Group.
Office segment remained stable backed by Triple Net Lease (TNL) arrangement and long-term leases.
Higher revenue and PBT from retail segment of RM128.5 million (increased by 2.6%) and RM97.2 million (increased by 1.7%) respectively were recorded during the quarter. The continuous effort of refreshing the tenant mix and marketing campaigns have improved customer counts and tenants’ sales. The mall welcomed new and exciting tenants during the quarter, which included the official opening of the restaurants at the reconfigurated area of the previous Rasa Food Court.
Revenue and PBT improved by 9.4% and 12.3% respectively during the six months under review
Mandarin Oriental KL (MOKL) continues to record a robust performance during the quarter on the back of a higher Average Room Rate of 28% as well as higher occupancy (Q2 2023: 48%; Q2 2022: 43%). The hotel has leveraged the increase of MICE activities in the surrounding precinct during the quarter to capture sales. F&B improved with the seasonal festivities, returning of corporate, MICE, and social events where the promotional offerings have collectively led to higher revenue of RM44.7 million and improved PBT by 68%. Year to date, higher revenue and PBT were recorded by 74.3% and 76.6% respectively. Revenue and PBT increased by 43.6% and 33.2% respectively due to the maintenance activities undertaken during Q2 FY2023. Higher interest income derived from higher interest rates during the quarter has further
elevated the overall performance. Year to date, the management services segment achieved higher revenue and PBT by 32.7% and 22.9% respective
As for the outlook, the group sees positive recovery momentum evident in economic and business indicators, fueled by the resurgence of international Meetings, Incentives, Conferences, and Exhibitions (MICE) activities, events, and tourism.
Additionally, domestic demand is on the rise, further contributing to the favorable trend.
The Directors recognize the inflationary pressures, rising costs, and the other headwinds surrounding the businesses, however, are confident that the Group will continue to adapt to the market conditions to support sustainable growth.
The board declared a dividend of 8.80 sen per staple security, 10% higher than Q2 2022.
