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 41 MANAGEMENT DISCUSSION AND ANALYSIS Financing activities Net cash used in financing activities during FY2021 was RM35.2 million, largely due to payment of Islamic financing costs of RM25.4 million and income distribution of RM10.0 million. Therefore, as at 31 December 2021, the Fund's cash and cash equivalent position stood at RM28.3 million, an increase of RM1.1 million from RM27.2 million. Fair Value of Investment Properties As at 31 December 2021, the value of Al-Salām REIT’s properties stood at RM1.18 billion (FY2020 RM1.19 billion), a decrease of 1%. The decrease was due to net fair value loss of RM12.7 million. The portfolio property yield for FY2021 decreased from 5.09% to 4.35% mainly due to lower performance of KOMTAR JBCC during the financial year. Fair Value Fair Value Property Property @ 31 Dec @ 31 Dec Yield Yield 2020 2021 2020 2021 (RM’000) RM’000) (%) (%) Retail KOMTAR JBCC 432,000 429,600 3.34 0.92 @Mart Kempas 70,000 72,000 6.01 6.01 Mydin Hypermart Gong Badak 154,511 151,777 6.30 6.64ii Office Menara KOMTAR 73,000 62,000 7.56 7.95 F&B Restaurants KFC and/or Pizza Hut Outlets 284,464 286,460 6.11 6.06 F&B Non-Restaurants Industrial Premises 141,590 141,400 6.20 6.24 MCHM 33,800 34,000 6.58 6.70 TOTAL 1,189,365 1,177,237 5.09 4.35 Notes: i. Appraised value based on valuation carried out by an independent professional valuer, Nawawi Tie Leung Property Consultants Sdn Bhd on 31 December 2021. ii. Computed based on NPI (which excludes unbilled rental income).
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