LETTER TO STAKEHOLDERS “Dear Valued Stakeholders, On behalf of the Board of Directors of the Manager, it is my privilege and pleasure to present to you the Annual Report and Audited Financial Statements of Al-Salām REIT (the “Fund”) for the financial year ended 31 December 2023 (“FY2023”). In FY2023, the Fund’s revenue sustained its recovery momentum with the influx of foreign tourists, driven by economic growth and depreciation in Malaysian Ringgit. However, the Fund’s distributable income was impacted by external factors, specifically the higher electricity cost and higher financing cost. On a positive note, the value of the Fund’s investment properties increased 1.2% year-on-year to RM1.24 billion as at 31 December 2023, underscoring the strong fundamentals of our properties. The Fund posted a realised profit of RM7.6 million on the back of a RM76.3 million revenue in FY2023. The total income distribution for FY2023 is 1.20 sen per unit totalling RM7.0 million, which represents 92.0% of the income available for distribution. 14 AL-SALĀM REIT ANNUAL REPORT 2023 “
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