Letter to Stakeholders NAVIGATING CHALLENGES, SEIZING OPPORTUNITIES FY2024 marked a year of recalibration and strategic repositioning for Al-Salām REIT as we navigated a resilient yet dynamic Malaysian economy. With a GDP growth of 5.1%, low inflation at 1.8%, and stable unemployment at 3.3%, the macroeconomic environment remained favourable for sustained commercial activities. These factors provided a steady foundation for the nation's economic activity and positioned the property market for modest but stable growth. Moreover, the ongoing global tech upcycle presented additional opportunities, particularly for commercial and industrial sectors, through increased export activity and digital infrastructure investment. Nonetheless, challenges persisted. Inflationary pressures and interest rate volatility weighed on property-related operating and financing costs, while global geopolitical uncertainties and trade restrictions posed potential headwinds to investment and cross border momentum. Against this backdrop, Al-Salām REIT remained focused on prudent capital management, agile portfolio optimisation, and long-term value creation as we steered through this challenging macroeconomic landscape. We delivered a 2.8% increase in revenue to RM78.5 million, supported by a robust performance in the retail segment. Net property income (“NPI”) rose marginally to RM51.4 million despite higher utility and maintenance costs, reflecting our operational resilience and disciplined asset management. COMPANY PERFORMANCE AT A GLANCE RM78.5 million Gross Revenue RM4.4 million Realised Profit RM217.5 million Market Capitalisation 1 ABOUT US 11 2 BUSINESS OVERVIEW 3 SUSTAINABILITY STATEMENT 4 CORPORATE GOVERNANCE 5 OTHER INFORMATION 6 FINANCIAL STATEMENTS
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