IGB Reit’s net profit rises to rm517.63 mln in fy2023

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KUALA LUMPUR: IGB Real Estate Investment Trust (REIT) has chalked up a higher net profit of RM517.63 million for the financial year ended Dec 31, 2023 (FY2023) as compared with RM396.16 million in the previous year.

Revenue for the year under review rose 8.6 per cent to RM604.31 million from RM556.41 million registered previously.

“The higher total revenue and net property income were mainly due to the higher rental income in the current period-to-date,” IGB REIT said in a filing with Bursa Malaysia today.

For the fourth quarter ended Dec 31, 2023, IGB REIT’s net profit stood at RM89.69 million versus RM143.93 million previously, while revenue for the quarter was RM158.47 million as compared with RM148.72 million.

On its outlook, IGB REIT said despite the shopping traffic returning to the pre-Covid-19 levels, it maintained a more cautious outlook for the financial prospects in 2024.

“Nonetheless, IGB REIT remains committed to bringing about long-term value to its stakeholders,” it said. – Bernama

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