REIT AsiaPac

Sign up for our newsletter

KLCCP Stapled Group’s Q1 Revenue Rises On Strong Rebound Of Business Activities

KLCCP Stapled Group’s Q1 Revenue Rises On Strong Rebound Of Business Activities

KLCCP Stapled Group reported a 13.9% increase in revenue to RM321.7 million (US$73.24 million)with Profit Before Tax (PBT) increasing 15.3% to RM202.5 million (US$46.10 million)against quarter one, last year, for the first quarter ended March 2022, reflecting a strong rebound in business activities.

The Group declared a dividend of 8.00 sen per stapled security, 14.3% higher, in line with its commitment in creating long-term values and to distribute higher returns that commensurate with the Group’s overall performance.

Chief Executive Officer, Md. Shah Mahmood said, “As the country transitions to the endemic phase and the lifting of international border restrictions, Suria KLCC and Mandarin Oriental, Kuala Lumpur, are set to benefit from the heightened economic activities, particularly the resumption of the Meetings, Incentives, Conventions and Exhibitions (MICE) activities.”

“From now until December 2022, over 40 high-profile international events, conventions and exhibitions will be hosted at the Kuala Lumpur Convention Centre, which is located within the KLCC Precinct, and the spillover effect from these MICE activities along with tourists’ arrivals are expected to further boost the performance of our retail and hotel segments.”

“We are optimistic of a strong recovery given the encouraging performance of these segments and we anticipate the positive trend will continue as seen from the increased tenant sales and the gradual pick up in the hotel’s international bookings mainly by guests from Singapore, Australia, the UK and the USA,” he said.

Read more here..

Related News

KLCCP Stapled Group Declares HIgher Revenue in Q2 2021