LETTER TO STAKEHOLDERS 2024 - EXPANSION AND DIVERSIFICATION Looking ahead to 2024, the Malaysian economy is expected to experience firmer growth of between 4% and 5%. This optimism is underpinned by resilient consumer spending and sustained investment in infrastructure, with the healthcare sector poised to benefit from these trends. The implementation of the MADANI Economy reforms is expected to further boost the service sector, contributing positively to our strategic growth areas. Furthermore, KPJ expects an increase in the number of patients in 2024, supported by the addition of new beds and services, as well as hiring of new consultants. The health tourism sector is expected to exceed RM2 billion in revenue in 2024, presenting an opportunity that KPJ aims to capitalise on. The Manager is optimistic regarding Al-`Aqar’s prospects in 2024, supported by the acquisitions of high-yielding assets, as well as the strategic disposal of underperforming/underutilising assets and renewal of master lease of six properties by October 2024. Moreover, the Manager’s primary focus remains on diversifying its assets and tenant base in the local market, with the aim of enhancing the overall quality of assets and tenants. Equally important, the Manager is dedicated to ensuring a sustained, upward trend in the long-term DPU. KPJ Penang Specialist Hospital. 15 years master lease to be renewed in October 2024. KPJ Seremban Specialist Hospital. 15 years master lease to be renewed in October 2024. 13 BUSINESS OVERVIEW 1 3 4 5 6 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2023
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