S E C T I O N 3 S T R A T E G I C P E R F O R M A N C E 39 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL AND BUSINESS REVIEW Table 2: Segmental Gross Revenue and NPI 2020-2021 Gross Revenue Net Property Income FY2020 FY2021 Change FY2020 FY2021 Change RM`000 RM`000 % RM`000 RM`000 % KOMTAR JBCC 27,501 12,756 (53.6) 14,444 3,944 (72.7) @Mart Kempas 7,750 7,888 1.8 4,209 4,325 2.8 Mydin Hypermart Gong Badak 14,165 13,825 (2.4) 14,149 13,814 (2.4) Total Retail 49,416 34,469 (30.2) 32,802 22,083 (32.7) Menara KOMTAR 9,173 8,288 (9.6) 5,520 4,927 (10.7) Total Office 9,173 8,288 (9.6) 5,520 4,927 (10.7) KFC & Pizza Hut Outlets 16,164 17,388 7.6 16,132 17,352 7.6 Total F&B Restaurants 16,164 17,388 7.6 16,132 17,352 7.6 Industrial Premises 8,798 8,839 0.5 8,776 8,820 0.5 MCHM 2,550 2,559 0.4 2,224 2,279 2.5 Total F&B Non-Restaurants 11,348 11,398 0.4 11,000 11,099 0.9 Property Manager Fee - - (484) (467) (3.5) TOTAL PORTFOLIO 86,101 71,543 (16.9) 64,970 54,994 (15.4) PROFIT FOR THE YEAR For FY2021, Al-Salām REIT recorded a realised profit of RM14.6 million (FY2020: RM14.6 million) and an unrealised loss of RM11.4 million (FY2020: RM28.1 million). Realised profit was higher by 0.6% or RM0.1 million mainly attributable to the lower provision of rental support of RM3.9 million, lower Islamic financing costs of RM2.9 million and lower trust expenses of RM0.3 million which cushioned the drop in NPI of RM10.0 million. The unrealised loss of RM11.4 million was attributed to fair value loss from the revaluation of investment properties of RM12.7 million and allowance for expected credit loss on amount due from receivables of RM2.5 million less unbilled rental income of RM3.7 million. DISTRIBUTION PER UNIT Total income available for distribution for FY2021 was RM14.6 million (FY2020 : RM12.6 million). The Fund had distributed interim income distribution of 0.50 sen per unit amounting to approximately RM2.9 million on 20 January 2022. On 27 January 2022, the Manager, declared a final income distribution of 1.80 sen per unit totalling RM10.4 million. Total income distribution for FY2021 is 2.30 sen per unit (FY2020: 2.08 sen) totalling RM13.3 million, which represents 91% of the income available for distribution. STATEMENT OF FINANCIAL POSITION Al-Salām REIT’s total asset value decreased slightly to RM1.253 billion as at 31 December 2021 (FY2020: RM1.255 billion). Total liabilities were higher by 0.9% or RM5.7 million, mainly due to refinancing of RM69.0 million of Sukuk Issue 2 and provision for interim income distribution.
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