IGB REIT 1Q NET PROFIT RISES TO RM106.58 MLN

KUALA LUMPUR, April 23 (Bernama) -- IGB Real Estate Investment Trust (REIT) posted a higher net profit of RM106.58 million for the first quarter ended March 31, 2025 (1Q 2025) from RM99.61 million in 1Q 2024. 

Revenue rose by 5.4 per cent to RM171.44 million compared with RM162.56 million previously, IGB REIT Management Sdn Bhd, the manager of IGB REIT, said in a filing with Bursa Malaysia.

Similarly, net property income (NPI) grew by 7.1 per cent to RM133.1 million in 1Q 2025 from RM124.2 million in 1Q 2024. 

"The increase in both the revenue and NPI were mainly due to higher rental income in 1Q 2025," it said.

The manager said it has proposed a distribution per unit (DPU) of 3.19 sen for 1Q 2025 up 0.23 sen or 7.8 per cent versus 1Q 2024. 

This translates into an annualised distribution yield of 5.75 per cent, based on IGB REIT’s unit price of RM2.25 as at March 31, 2025.

On outlook, IGB REIT remains steadfast in its commitment to delivering long-term value to stakeholders through ongoing property upgrades, tenancy mix management, and sustainability-linked improvements. 

IGB REIT owns two major retail assets, Mid Valley Megamall and The Gardens Mall, located in Mid Valley City, within the Klang Valley. 

Committed to customer experience and cost efficiency, the manager said both malls are undergoing asset enhancement initiatives to upgrade their spaces and streamline operations.

IGB REIT is managed and administered by IGB REIT Management, which works to increase income and enhance asset value over time with the objective to maximise returns from investments. 

-- BERNAMA