SECTION 03 pg. 20 AL-SALĀM REIT BUSINESS REVIEW • Pre-pandemic occupancy stood at 60%. • The mall recorded total revenue of RM38.1 million, translating into NPI of RM21.0 million. • Tenant mix was primarily anchored by fashion retailers. ROADMAP TO A SUCCESSFUL TURNAROUND • The onset of the pandemic in March 2020 significantly disrupted operations. • Revenue declined to RM27.5 million, with NPI impacted at RM4.8 million. • Occupancy moderated to 57%. • The mall was largely closed during the peak of the pandemic. • Revenue fell further to RM12.8 million. • A Net Property Loss of RM1.2 million was recorded for the year. • Performance stabilised, supported by tenants with established online retail presence. • Revenue stood at RM12.1 million, with NPI recovering to RM0.4 million. • Occupancy improved to 62%, reflecting gradual recovery in leasing activity. • Occupancy improved to 63% as operations recovered following post-pandemic reopening. • Recorded a revenue of RM17.0 million, translating into NPI of RM1.8 million. • Fashion tenants accounted for approximately 30% of occupancy, though performance remained subdued during the recovery phase. • F&B and wellness segments demonstrated stronger resilience over the same period. 2019 2023 2020 2021 2022
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