KLCCP NET PROFIT JUMPS TO RM782.66 MLN IN FY2022

KUALA LUMPUR, Jan 31 (Bernama) -- KLCC Property Holdings Bhd’s (KLCCP) net profit surged to RM782.66 million for the financial year ended Dec 31, 2022 (FY2022) from RM495.85 million a year earlier.

Revenue for FY2022 increased 24.6 per cent to RM1.46 billion from RM1.17 billion previously, it said in a filing with Bursa Malaysia today.

In the fourth quarter of 2022 (4Q 2022) the company’s net profit soared almost four-fold to RM279.47 million from RM70.33 million in 4Q 2021, while revenue rose to RM414.26 million from RM348.17 million previously, backed by a strong recovery in its retail and hotel segments.

In a statement, it said the retail segment maintained its healthy recovery momentum and posted an increase of 4.5 per cent in revenue, from RM120.0 million to RM125.4 million, contributed by higher retail footfall and stronger tenant sales.

Besides, a significant turnaround in the hotel segment saw revenue increase more than double to RM49.1 million due to improved domestic tourism, pick-up in international leisure traffic, and demand for meetings, incentives, conventions and exhibitions (MICE) which grew average occupancy.

Chief executive officer Md Shah Mahmood said the group’s positive fourth-quarter results reflect the resilience of its business, particularly in light of the challenging environment.

“Despite these challenges, our strategic actions have enabled us to continue delivering strong recovery and performance, driven by the robust demand. Our efforts to expand our reach and offerings have yielded positive results.

“We are now well positioned to capitalise on the recovery momentum as business activities have begun to accelerate, particularly in the retail and hospitality segments, which will further boost our performance going forward,” he said.

The company will distribute a fourth interim dividend of 7.69 sen per ordinary share on Feb 28, 2023.

-- BERNAMA