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PETALING JAYA (Aug 14): AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) reported a 20.6% increase in profit for the second quarter ended June 30, 2026 (2Q2026) to RM1.18 million from RM977,330 a year earlier, as rental income improved.
Quarterly revenue increased 15.0% to RM21.94 million from RM19.08 million, while net property income rose 8.5% to RM11.93 million from RM10.99 million. Earnings per unit increased to 0.21 sen from 0.17 sen.
For the first half of 2026 (1H2026), profit for the period rose 52.2% to RM6.62 million from RM4.35 million in the corresponding period last year. Revenue grew 15.8% to RM45.14 million from RM39 million, while net property income increased 19.3% to RM28.31 million from RM23.73 million.
In its Bursa Malaysia filing on Thursday (Aug 13), the REIT said the improvement in first-half rental revenue was mainly driven by better contributions across its property segments since the second half of 2025, as well as rental income from its industrial property in Telok Panglima Garang, acquired in December 2025.
The property began contributing full rental income to AmanahRaya REIT from January 2026.
Property operating expenses increased 10.2% to RM16.83 million in 1H2026 from RM15.27 million, mainly due to revised tax assessments and building maintenance initiatives.
Trust expenses rose to RM7.54 million from RM6.22 million, which the REIT attributed partly to higher manager's fees, agency fees incurred in securing new tenants and other professional fees.
Borrowing costs increased 5.6% to RM13.93 million from RM13.19 million, mainly because of higher borrowings for an asset acquisition.
No income distribution was declared for the period.
Portfolio rejuvenation
AmanahRaya REIT said rental income from Serasi Padi Hotel, formerly Holiday Villa Alor Setar, commenced in June following the rejuvenation of the previously vacant asset.
The REIT is also seeking potential new tenants for Enterprise Building II in Cyberjaya, formerly known as Contraves, while pursuing the disposal of ageing assets including RHF Stone Factory.
The manager said proceeds from such divestments would be redeployed towards acquiring newer, higher-quality assets as part of its portfolio rejuvenation strategy.
The disposal of RHF Stone Factory had yet to be completed as at June 30 as some conditions precedent remained outstanding.
As at June 30, AmanahRaya REIT's investment properties had a fair value of RM1.32 billion, while its net asset value stood at RM721.91 million. Its gearing ratio was 46.01%.
HELP University property
Separately, AmanahRaya REIT said rectification works at its Jalan Semantan, Bukit Damansara property, which is tenanted by HELP University, following an explosion on Jan 12 had been completed, while efforts to resume operations were in progress.
The REIT said the incident caused partial damage to the property and resulted in one fatality and several injuries. The manager said it continued to cooperate with the relevant authorities in their ongoing investigations.
The manager said the property was covered by fire and special perils, fire consequential loss and public liability insurance.
It expects rental income lost during the reinstatement and repair period to be recoverable under the applicable insurance coverage, subject to the policy terms and claims process.
The REIT said the financial impact, if any, arising from the incident could not yet be reasonably estimated.
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