For the current quarter, IGB REIT’s total revenue came in at RM158.5 million, which is an increase of 6.6% against the corresponding quarter in 2022 of RM148.7 million. Net property income was RM115.2 million, increased 9.1% compared with the corresponding quarter in 2022 of RM105.6 million.
IGB’s profit after taxation was RM89.7 million, decreased 37.7% compared with the corresponding quarter in 2022 of RM143.9 million.
The higher total revenue and net property income were mainly due to the higher rental income in the current quarter. The lower profit after taxation were mainly due to the net fair value changes of RM60 million in relation to the investment properties in the corresponding quarter in 2022. The distributable income for the current quarter amounted to RM99.8 million, consisting of realised profit of RM92.9 million and the non-cash adjustments arising mainly from net fair value changes of RM3.2 million and Manager fee payable in Units of RM6.5 million.
For the current period-to-date, IGB REIT’s total revenue was RM604.3 million, increased 8.6% against the corresponding period-to-date in 2022 of RM556.4 million. Net property income was RM447.9 million, increased 6.6% compared with the corresponding period-todate in 2022 of RM420.2 million. Profit after taxation was RM517.6 million, increased 30.7% compared with the corresponding quarter in 2022 of RM396.2 million.
The higher total revenue and net property income were mainly due to the higher rental income in the current period-to-date. The higher profit after taxation was mainly due to the higher rental income and the net fair value changes of RM158.6 million in relation to the investment properties in the current period-to-date.
The distributable income for the current period-to-date amounted to RM385.8 million, consisting of realised profit of RM359.1 million and the non-cash adjustments arising mainly from net fair value changes of RM158.6 million and Manager fee payable in Units of RM25.3 million.
The Retail Group Malaysia (RGM) forecasts a 3.5% growth rate for the Malaysia retail industry in 2024. This is in line with the growth prediction by the Malaysia Retailers Association and Malaysia Retail Chain Association. Bank Negara Malaysia forecasts a Gross Domestic Product (GDP) growth of 4.0% to 5.0% for 2024.
