Axis-REIT shows improved quarterly performance

April 24, 2024 Ekonomi 5 Views

PETALING JAYA: Axis Real Estate Investment Trust (Axis-REIT) remains positive about the outlook of its current financial year, buoyed by its existing asset portfolio.

In a filing with Bursa Malaysia, the company said it is optimistic, going forward, in view of the satisfactory performance of its existing property portfolio and growth strategy to actively pursue quality investments.

In light of this, Axis-REIT said it will be able to maintain its current performance for the financial year ending Dec 31, 2024.

For its first quarter ended March 31, 2024, Axis-REIT’s net profit rose to RM42.27mil from RM30.30mil in the previous corresponding quarter, while revenue improved to RM75.54mil from RM70.17mil a year earlier.

Basic earnings per share stood at 2.42 sen compared to 1.74 sen previously.

Axis-REIT said it has proposed to distribute 99% of its realised income available for distribution generated from operations for the first quarter of 2024.

The total net asset value stood at RM2.83bil and the net asset value per unit (before the 2024 first interim income distribution) was RM1.62.

Axis-REIT has further set aside RM40.19mil (approximately 99% of total income available for distribution in respect of the period from Jan 1, 2024 to March 31, 2024) as the 2024 first interim income distribution, which translates to 2.30 sen per unit payable on May 31, 2024.

Commenting on the performance, Axis-REIT Managers Bhd chief executive officer and executive director Leong Kit May said she was pleased that Axis-REIT managed to close the first quarter on a higher total trust income against the preceding year.

“To top it up, the first quarter also saw completion of the acquisition of the hypermarket in Temerloh and the earnings contribution from Bukit Raja Distribution Centre 2.

“Coupled with our continuous lookout for Grade A logistics facilities and manufacturing facilities to boost our portfolio, we are optimistic the fund will continue to deliver good results for the rest of the year.”