KUALA LUMPUR: Axis Real Estate Investment Trust (REIT) recorded a higher net profit of RM38.95 million in the second quarter ended June 30, 2024 (2Q) compared with RM34.72 million in the same period last year.
Revenue also increased to RM76.53 million from RM68.45 million previously, it said in a filing with Bursa Malaysia today.
In a separate statement, Axis-REIT said it posted a 12.0 per cent year-on-year increase in property income to RM76.0 million and a 12.2 per cent growth in net trust income to RM39.0 million on the back of an 11.8 per cent rise in total trust income to RM76.5 million.
"The higher earnings were mainly due to contributions from newly acquired properties and positive rental reversion from the existing portfolio.
"This was boosted with the new tenancy at Axis Shah Alam Distribution Centre (DC) 3 and earnings contribution from Bukit Raja DC 2," it said.
Axis REIT Managers Bhd, the management company of Axis-REIT, has proposed to distribute 99 per cent of the realised income available for distribution generated from operations in 2Q of its financial year ending Dec 31, 2024 (FY2024) as the second interim income distribution in 2024.
This gives a distribution per unit of 2.25 sen, which includes a non-taxable portion of approximately 0.01 sen per unit derived from tax-exempt profit income which is not subject to tax.
In contrast, the distribution per unit for the corresponding period in the preceding year was 2.05 sen.
For the first six months ended June 30, 2024, Axis REIT’s net profit increased to RM81.22 million from RM65.02 million in the corresponding period last year while revenue increased by 9.7 per cent to RM152.07 million from RM138.62 million previously.
On prospects, the manager is optimistic that given 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 FY2024. - Bernama
