KIP REIT Declares Third Income Distribution Of 1.60 seen

KIP Real Estate Investment Trust announced its financial results for the third quarter with gross revenue rising by 12.5% to RM24.5 million from RM21.8 million in the corresponding period last year which it said was mainly attributed by the central region’s retail revenue growth of 38.7%.

Correspondingly, net property income increased by 10.1% from RM16.4 million to RM18.1 million in Q3FY2024, while profit after tax was RM10.2 million. Total distributable income for the quarter was RM10.5 million.

For the cumulative nine months ended 31 March 2024, KIP REIT’s gross revenue increased 13.3%, year-on-year from RM61.4 million to RM69.5 million. In line with the higher gross revenue, NPI and PAT surged 11.9% and 13.9% respectively to RM51.4 million and RM31.3 million. The total income available for distribution was RM32.1 million, up 13.6% from RM28.2 million for the preceding year’s corresponding period.

The Manager of KIP REIT has proposed a third income distribution of RM9.9 million, translating to 1.60 sen per unit, which includes a non-taxable portion of 0.36 sen per unit derived from capital allowances and tax-exempt income which is not subject to tax. 

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