S E C T I O N 1 C O R P O R A T E O V E R V I E W 13 LETTER TO STAKEHOLDERS The Fund’s overall financial performance in FY2021 is commendable, given the challenging operating landscape. Through prudent cost measures and resource management, earnings improved, despite a reduction in revenue. Assets under the QSR Brands (M) Holdings Berhad umbrella continued to provide income stability. QSR continued to perform well amidst a challenging business environment given their sizeable market share and robust branding, which continues to see continued traction with consumers, contributing positively to Al-Salām’s financial performance. SUSTAINABLE BUSINESS PRACTICES The pandemic has proven the importance of sustainable business practices to foster long-term value creation and business longevity. As such, we have embedded Environmental, Social, and Governance ("ESG") aspects into the heart of our operations and recovery plans. The year under review saw Al-Salām REIT form a Sustainability Framework to provide a comprehensive view of the Fund’s material sustainability matters and further strengthen our Sustainability Governance Structure. LOOKING AHEAD Moving ahead, I am cautiously optimistic of our prospects in FY2022. We will tread with caution, being mindful of the residual impact of the pandemic on the retail, hospitality, and tourism segments. The major upheaval caused by the pandemic will be taken as an opportunity to reconfigure our assets to meet the requirements of the working place and commercial centres of today and ensure value to stakeholders. In the immediate term, Al-Salām REIT looks to moderately improve our performance, compared to FY2021, as the nation’s anticipated economic recovery, driven by supportive policies and high vaccination rates, will bring about relative stability and create room for growth through transformation. On our end, Al-Salām REIT plans to diversify our asset class, leveraging on Johor Corporation's position as a major industrial land owner in the state of Johor. We will focus on the industrial spectrum and explore opportunities to undertake sale and leaseback arrangements of assets under Johor Corporation. APPRECIATION AND ACKNOWLEDGEMENTS On behalf of the Board, I would like to express my deepest appreciation to the employees of Al-Salām REIT for their perseverance and continued dedication in ensuring our strategies are in motion. To my fellow Board members, I give my humblest thanks and utmost gratitude for their guidance and counsel during these tough times. I would also like to take this opportunity to express my gratitude to the previous Directors, Zainah binti Mustafa and Mohd Yusof bin Ahmad for their positive contribution to the Board. Besides, I wish to express my cordial salutation to the newly joined Directors, Encik Abdullah bin Abu Samah and Datuk Hashim bin Wahir as Independent Non-Executive Directors who have been appointed to the Board on 10 March 2021 and 24 January 2022 respectively. I would also like to extend my gratitude to the Shariah Committee for their guidance and advice in ensuring our assets and operations remained shariah-compliant and true to our principals. The Board is also thankful to our unitholders, trustees, financiers, business partners, regulatory authorities and other stakeholders for their continued trust and support. With all our combined efforts, Al-Salām REIT has proven again that we can rise to any occasion. We have made it through another challenging year, wiser and more ready than ever to look forward. Together, as we embrace the future, we will continue to ensure the performance and sustainability of the Fund. Dato’ Haji Mohd Redza Shah bin Abdul Wahid CHAIRMAN “ ”
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