MANAGEMENT DISCUSSION AND ANALYSIS Section 3 - CAPITAL REVIEW GEARING RATIO Al-`Aqar’s gearing ratio is calculated based on the proportion of total Islamic financing to the total asset value in accordance with the Securities Commission (“SC”) Guidelines. The gearing ratio at the end of the reporting period is as follows: Following the completion of placement in April 2023, Al- `Aqar’s gearing ratio dropped to 40.8% as at 31 December 2023. This provides Al-`Aqar plenty of headroom for future asset acquisitions and is also below the threshold limit of 50% set by SC. Total Islamic financings (RM’mil) 855.6 757.7 Total assets value (RM’mil) 1,867.1 1,856.0 Total Islamic financings to total asset value ratio (%) 45.8 40.8 2023 2022 DEBT MATURITY PROFILE (RM’mil) FIXED RATE VS FLOATING RATE RATIO Fixed Rate 0% Commodity Murabahah-I Commodity Murabahah-II Commodity Murabahah-III (Tranche 1) Commodity Murabahah-III (Tranche 2) Term Financing-i Floating Rate 100% 2027 2024 2025 2026 2028 300.0 72.0 280.0 30.0 80.0 33 BUSINESS OVERVIEW 1 3 4 5 6 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2023
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