25 BUSINESS OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS FINANCIAL AND BUSINESS REVIEW Table 2: Segmental Gross Revenue and NPI 2022-2023 Gross Revenue Net Property Income FY2022 FY2023 Change FY2022 FY2023 Change RM‘000 RM‘000 % RM‘000 RM‘000 % KOMTAR JBCC 11,999 16,982 41.5 414 1,788 331.9 @Mart Kempas 8,275 8,652 4.6 4,286 4,220 (1.5) Mydin Hypermart Gong Badak 13,824 13,824 - 13,795 13,799 - Unit No G-104, Megamall Pinang - 35 100.0 - 35 100.0 Total Retail 34,098 39,493 15.8 18,495 19,842 7.3 Menara KOMTAR 8,708 8,141 (6.5) 4,757 3,311 (30.4) Total Office 8,708 8,141 (6.5) 4,757 3,311 (30.4) 42 KFC and/or Pizza Hut Outlets 17,834 17,400 (2.4) 17,801 17,368 (2.4) Total F&B Restaurant 17,834 17,400 (2.4) 17,801 17,368 (2.4) Industrial Premises 8,895 8,917 0.2 8,882 8,901 0.2 KPJIC 2,265 2,332 3.0 1,980 1,967 (0.7) Total Industrial & Others 11,160 11,249 0.8 10,862 10,868 - Property Manager Fee - - - (476) (481) - TOTAL PORTFOLIO 71,800 76,283 6.2 51,439 50,908 (1.0) PROFIT FOR THE YEAR For FY2023, Al-Salām REIT recorded a lower realised profit of RM7.6 million (FY2022: RM15.7 million) and an unrealised profit of RM14.1 million (FY2022: RM49.7 million). The 71.6% year-on-year drop in realised profit was mainly attributable to marginally lower NPI and higher Islamic financing cost. Notably, Islamic financing costs rose by RM8.1 million given the higher profit rates following a series of OPR rate hike throughout 2022 and 2023. The unrealised gain of RM14.1 million was attributable to a fair value gain from the revaluation of investment properties of RM12.6 million and unbilled rental income of RM3.2 million. However, this gain was partially offset by a tax expense of RM0.2 million and allowance for expected credit loss on amount due from receivables of RM1.5 million. DISTRIBUTION PER UNIT Total income available for distribution for FY2023 amounted to RM7.6 million (FY2022: RM15.7 million). The Fund distributed three interim income distributions, totalling 1.10 sen per unit (or total of RM6.4 million) on 10 July 2023, 2 October 2023 and 27 December 2023. Subsequently, on 24 January 2024, the Manager, declared a final income distribution of 0.10 sen per unit totalling RM0.58 million. The total income distribution for FY2023 amounted to 1.20 sen per unit (FY2022: 2.50 sen) totalling RM7.0 million, representing 92% of the income available for distribution.
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