KLCCP Eyes New Business Ventures And Organic Growth Opportunities

KLCCP Stapled Group held its AGM today where it shared its financial year FY2023 performance where the group recorded a commendable performance, registering a revenue growth of 11.0% from RM1.5 billion to RM1.6 billion, and Profit Before Tax of RM1.2 billion. This is an increase of 16.5% compared to 2022, demonstrating excellent business growth momentum, underpinned by the resilience of the Group’s portfolio strength.  The Group also declared a distribution of 40.50 sen per stapled security, the highest recorded since the listing of Stapled Security.

The office segment comprising the PETRONAS Twin Towers, Menara 3 PETRONAS, Menara ExxonMobil and Menara Dayabumi, remained stable with sustained occupancy at 100%, contributing 36% of KLCCP Stapled Group’s overall revenue.  These premium office portfolios, with quality tenants and a strong rental profile distinguished by green building ratings, continues to contribute steady cash flows for the Group.

The retail segment, represented by Suria KLCC and the retail podium of Menara 3 PETRONAS continued to provide engaging experience through its unique retail-entertainment concept, which boost customers satisfaction and loyalty. Suria KLCC’s occupancy reached its peak at 98% in December while footfall increased 30% compared to 2022.  Suria KLCC achieved the highest-ever MAT tenant sales, registering a 12% growth, during the year.​ The increase in tenant sales was particularly driven by Fashion, F&B, and General Retail.  During the year, Suria KLCC welcomed onboard 35 new tenants, which include first to market brands and exclusive to Suria KLCC. 

Mandarin Oriental recorded its highest Average Room Rates and Revenue Per Available Room (RevPAR) in December 2023 supported by the higher YTD average occupancy of 55%. 

Looking ahead, the group expects the growth momentum to continue across all its business segments with heightened domestic and international MICE activities, events, and tourism.  While certain economic and industry challenges may persist and new ones may emerge, the company will maintain a cautious approach while adopting a more proactive stance in exploring potential opportunities that meet its business criteria.
“We are actively pursuing new business ventures and organic growth opportunities to position the Group for sustained success.  We are also heightening our investment in sustainability where we will be establishing a new roadmap as we seek to become a net zero carbon organisation by 2050. We have established a Carbon Reduction Strategy and targets towards the adoption of the recommendations of the Task Force on Climate-related Financial Disclosures or TCFD,” said Datuk Md. Shah Mahmood, Chief Executive Officer of KLCC Property Holdings Berhad. 

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