KUALA LUMPUR: Axis Real Estate Investment Trust (Axis-REIT), which posted an 84% jump in its net profit to RM110.2mil in the fourth quarter ended Dec 31, 2023 (4Q23), is optimistic about maintaining its current performance in the current financial year ending Dec 31, 2024 (FY24).
“The manager is optimistic that in view of the satisfactory performance of Axis-REIT’s existing property portfolio and its growth strategy to actively pursue quality investments, it will be able to maintain its current performance for the coming FY24,” it said in a filing with Bursa Malaysia.
In the 4Q23, Axis-REIT’s revenue rose 6.45% to RM75.5mil compared with RM71mil a year ago.
Its realised net income from operations during the quarter stood at RM41.8mil after deducting total expenditure of RM33.76mil, of which RM10.42mil was attributable to property expenses and RM23.34mil to non-property expenses.
Axis REIT Managers Bhd, the management company of Axis-REIT has proposed to distribute 99% of realised income available for distribution generated from operations for the fourth quarter of 2023 as the 2023 final income distribution of 2.40 sen per unit.
It said the income distribution includes a non-taxable portion of approximately 0.52 sen per unit derived from capital allowances, industrial building allowances and tax-exempt profit income which is not subject to tax.
The 2023 final income distribution will be payable on Feb 29 and the book closure date is Feb 8.
For the full year, Axis-REIT posted a net profit of MR217.8mil, up 14.4% from RM190.4mil a year earlier while revenue climbed 1.45% to RM285.89mil from RM281.9mil a year prior.
