195 STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL STATEMENTS Group Fund Note 2023 2022 2023 2022 RM RM RM RM Gross rental income 4 69,467,053 67,901,145 69,467,053 67,901,145 Other income 5 6,815,766 3,898,915 6,815,766 3,898,915 Total revenue 76,282,819 71,800,060 76,282,819 71,800,060 Utilities expenses (8,517,206) (5,720,275) (8,517,206) (5,720,275) Maintenance expenses (4,281,527) (3,523,145) (4,281,527) (3,523,145) Quit rent and assessment (1,952,108) (1,744,939) (1,952,108) (1,744,939) Property manager fee (481,300) (476,400) (481,300) (476,400) Other property expenses (10,142,258) (8,896,680) (10,142,258) (8,896,680) Total property expenses (25,374,399) (20,361,439) (25,374,399) (20,361,439) Net property income 50,908,420 51,438,621 50,908,420 51,438,621 Investment income 6 935,781 511,630 935,781 511,630 Net fair value gain on investment properties 10 12,582,560 46,674,736 12,582,560 46,674,736 Total investment income 13,518,341 47,186,366 13,518,341 47,186,366 Net investment income 64,426,761 98,624,987 64,426,761 98,624,987 Finance costs on loan: - Finance costs charged by financing institution (34,550,046) (26,629,136) (9,851,242) (7,474,053) - Finance costs from a subsidiary - - (24,698,804) (19,155,083) - Imputed finance costs (1,942,197) (1,747,164) (1,942,197) (1,747,164) Allowance for expected credit losses of trade receivables 13 (1,500,000) (142,646) (1,500,000) (142,646) Allowance for expected credit loss on amount due from a subsidiary - - (269,089) (302,800) Manager fees (2,589,740) (2,461,404) (2,589,740) (2,461,404) Trustee fees (127,741) (117,207) (127,741) (117,207) Audit fees - Current year (240,000) (220,000) (215,000) (195,000) - Other services (350,000) (50,000) (350,000) (50,000) Valuation fees (378,000) (540,000) (378,000) (540,000) Other expenses (865,428) (716,300) (861,685) (707,824) Total fund expenses (42,543,152) (32,623,857) (42,783,498) (32,893,181) Profit before tax 21,883,609 66,001,130 21,643,263 65,731,806 Tax expense 7 (181,565) (585,081) (181,565) (585,081) Profit for the year, representing total comprehensive income for the year 21,702,044 65,416,049 21,461,698 65,146,725
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