KUALA LUMPUR (Jan 27): AL-HADHARAH BOUSTEAD REIT [] (Al-Hadharah REIT) net profit for the fourth quarter ended Dec 31, 2011 surged to RM239 million from RM32 million a year earlier, due mainly to fair value gains and an increase in rental income.
In a statement Friday, its chairman Tan Sri Lodin Wok Kamaruddin said that for the financial year ended Dec 31, Al-Hadharah REIT posted a 273% jump in net profit to RM306 million from RM82 million a year earlier.
This was achieved on the back of higher revenue of RM100 million compared with RM75 million in 2010 registering a 33% increase on a year-on-year basis, he said.
He said the realised operating profit for the year was RM93 million, a substantial jump of 37% from RM68 million last year, adding that the remaining profit was derived from fair value gains.
“Despite the uncertain global economic climate, by building on our established track record and exploring further opportunities in the market, we were able to continue to deliver greater value to our unitholders with improved earnings.
“In line with our accounting policy, we also undertook a revaluation of our assets, recording a fair value gain of RM213 million. This contributed to our total profit for the year and resulted in an increase in the closing net book value of our investment PROPERTIES [] to RM1.3 billion,” he said.
Al-Hadharah REIT declared a final dividend of 8 sen, bringing the total dividend for the year to 12 sen, representing a yield of 8% based on the closing unit price of RM1.54 for the year.
Lodin said that at the close of the financial year, the fund’s market capitalisation grew to RM965.4 million, a significant jump compared with RM802.1 million in the previous year.
“Moving forward, we look forward to further cultivating our portfolio of assets and enhancing our earnings potential.
"Given our unique position as Malaysia’s only PLANTATION []-based REIT coupled with the steady demand for commodities, we are confident that we are poised for greater growth in the year ahead,” he said.
In a statement Friday, its chairman Tan Sri Lodin Wok Kamaruddin said that for the financial year ended Dec 31, Al-Hadharah REIT posted a 273% jump in net profit to RM306 million from RM82 million a year earlier.
This was achieved on the back of higher revenue of RM100 million compared with RM75 million in 2010 registering a 33% increase on a year-on-year basis, he said.
He said the realised operating profit for the year was RM93 million, a substantial jump of 37% from RM68 million last year, adding that the remaining profit was derived from fair value gains.
“Despite the uncertain global economic climate, by building on our established track record and exploring further opportunities in the market, we were able to continue to deliver greater value to our unitholders with improved earnings.
“In line with our accounting policy, we also undertook a revaluation of our assets, recording a fair value gain of RM213 million. This contributed to our total profit for the year and resulted in an increase in the closing net book value of our investment PROPERTIES [] to RM1.3 billion,” he said.
Al-Hadharah REIT declared a final dividend of 8 sen, bringing the total dividend for the year to 12 sen, representing a yield of 8% based on the closing unit price of RM1.54 for the year.
Lodin said that at the close of the financial year, the fund’s market capitalisation grew to RM965.4 million, a significant jump compared with RM802.1 million in the previous year.
“Moving forward, we look forward to further cultivating our portfolio of assets and enhancing our earnings potential.
"Given our unique position as Malaysia’s only PLANTATION []-based REIT coupled with the steady demand for commodities, we are confident that we are poised for greater growth in the year ahead,” he said.
