Al-`Aqar Healthcare REIT | Annual Report 2024 BUSINESS OVERVIEW SECTION 2 MANAGEMENT DISCUSSION & ANALYSIS 19 AUSTRALIAN SEGMENT The Australian segment contributed 0.8% to the Group’s total revenue in FY2024 (FY2023: 4.8%). Revenue fell by 83.2% to RM1.0 million from RM5.8 million the previous year due to a reduction in rental income after the lessee revised rental terms upon completion of the Business Sales Agreement (“BSA’’). The segment also recorded net property loss of RM2.3 million (FY2023: RM3.4 million). PROFIT FOR THE YEAR In FY2024, the Group recorded a profit of RM58.3 million (FY2023: RM60.7 million), made up of realised profit of RM62.2 million (FY2023: RM63.2 million) and an unrealised loss of RM3.9 million (FY2023: a loss of RM2.5 million). This slight 1.6% reduction was caused by the rental adjustments relating to the Jeta Gardens property in Australia, offset against lower professional fees as well as other trust expenditures. The increase in unrealised loss for the year was mainly due to fair value adjustments in the REIT’s Australian asset. NPI stood at RM101.5 million, reflecting a 3.7% decline from the previous year, (FY2023: RM105.4 million) primarily due to lower revenue following rental adjustments in the Australian property which were made after the lessee finalised the BSA. During the financial year 2024, Al-`Aqar’s main cost drivers were refinancing costs, property expenses and repair and maintenance. The finance cost variance of 1.4% was mainly due to the redemption of RM100.0 million in Revolving Credit-i in April 2023, which led to lower financing expenses. Operational and property expenses remained stable with no significant fluctuations. In contrast, repair and maintenance costs rose compared to FY2023, driven by repainting and replacement works carried out during the year. Al-`Aqar Malaysian healthcare portfolio provides a solid foundation amid evolving market conditions, with stable lease income supporting sustainable returns as the REIT navigates the dynamic industry landscape. INCOME AVAILABLE FOR DISTRIBUTION In the financial year 2024, Al-`Aqar the total income available for distribution was RM64.2 million. The Fund distributed three interim income distributions from January to September 2024, totalling 5.70 sen per unit, amounting to RM47.9 million. On 24 January 2025, the Fund declared a final income distribution of 1.57 sen per unit, totaling RM13.2 million, for the period from October to December 2024. This distribution was paid on 28 February 2025. The total DPU for FY2024 was 7.27 sen, an 8.0% decrease from 7.90 sen in FY2023.
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