27 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL AND BUSINESS REVIEW BUSINESS OVERVIEW Financing activities Net cash used in financing activities during FY2023 was RM48.7 million (FY2022: RM43.0 million), largely due to payment of Islamic financing costs of RM31.7 million and income distribution of RM15.1 million. Therefore, as at 31 December 2023, the Fund's cash and cash equivalent position stood at RM29.4 million, a decrease of 20.8% yearon-year. Fair Value of Investment Properties As at 31 December 2023, the total value of Al-Salām REIT’s investment properties stood at RM1.24 billion (FY2022: RM1.22 billion), representing a growth of 1.6%. The increase was due to a net fair value gain of RM12.6 million. However, the portfolio’s property yield for FY2023 decreased slightly to 3.89% (2022: 3.95%) mainly attributed to the higher valuation of investment properties, which outweighed the improved performance of KOMTAR JBCC during the financial year. Property Property Fair Value Fair Value Yield Yield @ 31 Dec 2022 @ 31 Dec 2023 2022 2023 (RM‘000) (RM‘000) (%) (%) Retail KOMTAR JBCC 431,000 431,000 0.10 0.41 @Mart Kempas 76,000 78,000 5.64 5.41 Mydin Hypermart Gong Badak 153,183 151,954 6.66i 6.96i Unit No G-104, Megamall Pinang 1,120 1,130 - 5.31ii Office Menara KOMTAR 70,000 70,000 6.80 4.73 F&B Restaurant 42 KFC and/or Pizza Hut Outlets 306,570 313,730 5.81 5.54 Industrial & Others Industrial Premises 150,300 157,000 5.91 5.67 KPJIC 36,000 36,200 5.50 5.43 TOTAL 1,224,173 1,239,014 3.95 3.89 Notes: i. Computed based on NPI (which excludes unbilled rental income). ii. Computed based on annualised yield.
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