Axis REIT’s FY2024 Net Profit Falls To RM210 Mln

KUALA LUMPUR, Jan 23 (Bernama) -- Axis Real Estate Investment Trust (Axis-REIT) posted a lower net profit for the financial year ended Dec 31, 2024 (FY2024) at RM210 million, down from RM217.77 million recorded in the previous year.

Revenue, however, rose to RM320.10 million from RM285.99 million, driven by increased property and non-property expenses, the company said in a filing to Bursa Malaysia on Wednesday.

For the fourth quarter (Q4 2024), net profit narrowed to RM91.01 million from RM110.25 million in the same quarter of the previous year, while revenue advanced by 16 per cent to RM87.76 million from RM75.56 million.

"Looking ahead, the company is optimistic about maintaining its current performance for the coming financial year ending Dec 31, 2025," it said, citing the satisfactory performance of Axis-REIT's existing property portfolio and its growth strategy of actively pursuing quality investments.

In a separate statement, the company noted that Axis REIT Managers Bhd, the management company of Axis-REIT, has proposed to distribute 99 per cent of the realised income available for distribution for the period from Nov 13, 2024 to Dec 31, 2024.

The final income distribution of 1.27 sen per unit includes a non-taxable portion of 0.74 sen per unit derived from capital allowances, industrial building allowances and tax-exempt profit income, it added.

-- BERNAMA