Its revenue also rose 10.9% to RM1.62 billion compared to RM1.46 billion in the previous year, underpinned by the resilience of the group’s portfolio strength, it said in a filing with Bursa Malaysia today.
For the fourth quarter ended Dec 31, 2023 (Q4 2023), the group’s net profit increased 37.6% to RM384.59 million from RM279.47 million in the corresponding quarter a year earlier, while revenue inched up 7.1% to RM442.63 million against RM413.26 million previously.
KLCCP has declared a distribution of 14.4 sen per stapled security for the quarter, totalling 40.5 sen per stapled security for 2023, the highest since the listing of stapled security.
The group said the retail segment saw its highest performance to date, with an increase of 9.3% in revenue from RM125.4 million to RM137.1 million due to higher occupancy, retailers’ turnover, and footfall.
“The hotel segment recorded a remarkable turnaround, with profit before tax of RM6.2 million on the back of RM65.2 million in revenue, propelled by improved occupancy from leisure tourist arrivals and demand from marketing, incentives, and convention and exhibitions (MICE) events,” it added.
KLCC Property Holdings Bhd CEO Shah Mahmood said the group’s solid growth momentum across all segments, coupled with strategic actions, enabled it to deliver its strongest performance in 2023, marking the 10th anniversary since listing as a stapled security.
“We are optimistic that the upswing will continue, particularly in the retail and hotel segments.
“Our customer-focused strategy, together with the growth in tourism and MICE activities will strategically position us to synergise efforts and enhance our competitive advantage towards future business sustainability,” he said in a statement filed with the bourse.
On prospects, the group said it is optimistic that the growth trend for 2024 will remain positive.
“This is because we continue to leverage our iconic assets, long-term and triple net lease arrangements, underpinned by the solid footing of our retail and hospitality segments.
“This optimistic trajectory will be further supported by resilient consumer demand and moderating inflationary pressure, anticipated for the year,” it added.
Malaysia’s largest self-managed stapled security comprised KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC Reit).
At the close of trading, KLCCP’s share price was up by 1 sen or 0.14% at RM7.31, giving it a market capitalisation of RM13.2 billion.