GROSS REVENUE REALISED PROFIT MARKET CAPITALISATION DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID Chairman LETTER TO STAKEHOLDERS ECONOMIC LANDSCAPE In the aftermath of the pandemic, the Johor Bahru-Singapore border activity has witnessed a robust resurgence, notably in the tourism sector. Johor is poised to host around 15 million overnight tourists in 2023, approaching the pre-pandemic figures. Johor Bahru remains a key retail destination and has seen stronger retail spending throughout 2023. Prime shopping malls that are close to the Causeway boarder have seen uptrends in business, leading to increased rental rates, particularly for the prime retail space on ground floors. The industrial property sector continued to see strong demand, primarily propelled by growth in sectors such as electrical & electronics, pharmaceuticals and medical devices, oil & gas, cold chain logistics and automotive subsectors. Furthermore, the rental market for the industrial properties remained robust, with rents consistently climbing since 2019 and there is a rising demand for high-quality warehouses. RM76.3 Million RM7.6 Million RM275.5 Million 15 BUSINESS OVERVIEW
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