Share
PETALING JAYA (May 19): AmanahRaya Real Estate Investment Trust (REIT) posted net income of RM5.44 million for the first quarter ended March 31 — a 61.4% increase from RM3.37 million in the corresponding period a year earlier — driven by improved occupancy at its office properties and a maiden full-quarter contribution from its newly acquired industrial asset in Telok Panglima Garang, Selangor.
According to a Bursa announcement yesterday, revenue for the quarter rose 16.4% to RM23.2 million from RM19.9 million previously.
Net property income climbed to RM16.4 million from RM12.7 million, while property operating expenses fell 5.2% to RM6.8 million on the back of improved contract management and cost optimisation across several properties.
AmanahRaya REIT attributed the revenue improvement primarily to higher occupancy at Vista Tower and Dana 13 since the second half of 2025, as well as the full rental income contribution from the industrial property in Telok Panglima Garang, which was acquired in mid-December 2025 and began contributing from January.
Earnings per unit after manager's fees stood at 0.95 sen for the quarter, up from 0.59 sen a year ago. No distribution was declared for the quarter. Net asset value per unit was RM1.2573 as at March 31, against RM1.2479 at end-2025.
Total borrowings remained at RM643.3 million, with the gearing ratio at 45.92%.
Looking ahead, AmanahRaya REIT said the former Holiday Villa Alor Setar property — now being relaunched as Serasi Padi Hotel — is expected to begin contributing rental income in the second quarter of 2026.
Separately, efforts are underway to attract new tenants for the Cyberjaya office property formerly known as Contraves, while the RHF Stone Factory, classified as an asset held for sale, is pending completion of its disposal.
The manager also noted that the January 12 explosion at its HELP University property in Damansara Heights — which resulted in one fatality and partial damage — is covered under its fire consequential loss insurance policy, with any lost rental income during the reinstatement period expected to be recoverable.
Rectification works are underway and investigations by the relevant authorities are ongoing.
On the governance front, Aida Mosira Mokhtar was appointed as a member of both the investment committee, and the tender and project oversight committee with effect from May 18, completing the four-member composition of both panels.
..........
EdgeProp brings you another month of data-driven insights, exclusive interviews, and market commentaries. Subscribe now for your free copy!
