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Axis-REIT Q4 Net Profit More Than Doubles (The Star)

Axis-REIT Q4 Net Profit More Than Doubles (The Star)

January 21, 2022 – The net profit of Axis Real Estate Investment Trust (REIT) more than doubled in the fourth quarter ended Dec 31, 2021, mainly due to contributions from newly acquired properties and positive rental reversion.

In a filing with the stock exchange yesterday, Axis-REIT said its net profit increased to RM99.98mil from RM49.27mil in the previous corresponding quarter.

Revenue, on the other hand, rose 9.44% year-on-year (y-o-y) to RM62.94mil in the latest fourth quarter from RM57.51mil.

Axis-REIT’s earnings per unit (EPU) for the quarter under review was 6.86 sen. A distribution per unit (DPU) of 2.41 sen was announced for the quarter.

Cumulatively, for the full financial year of 2021 (FY21), the trust recorded a net profit of RM200.36mil, representing an increase of 41.04% y-o-y from RM142.06mil.

Revenue for the 12-month period improved by 7.77% y-o-y to RM242.41mil from RM224.94mil.

This was mainly attributed to the completion of five new acquisitions, the commencement of new tenancies at Axis Industrial Facility @ Rawang and positive rental reversion in FY21.

The five property acquisitions amounted to a total of RM223.2mil, raising Axis-REIT’s total investment properties value to RM3.6bil.

Axis-REIT’s management company, Axis Reit Managers Bhd, said its active acquisition strategy continued to be the key to its success.

Read more here..

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