PETALING JAYA: KLCCP Stapled Group, which consists of KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust, remains cautiously optimistic as it navigates economic challenges that could affect consumers\u2019 confidence.<\/p>\n
For the fourth quarter ended Dec 31, 2024 (4Q24), the group saw a 12% year-on-year (y-o-y) increase in its net profit to RM430.9mil. Revenue for the quarter was also up by 4% y-o-y to RM459mil.<\/p>\n
For the financial year ended 2024 (FY24), KLCCP Stapled Group\u2019s net profit was higher by 9% y-o-y to RM1.02bil. Revenue also rose by 6% y-o-y to RM1.7bil.<\/p>\n
In a statement yesterday, the group said its retail segment, represented by Suria KLCC and the retail podium of Menara 3 PETRONAS, posted an increase in revenue or 1.8% y-o-y to RM139.6mil in 4Q24. This was underpinned by higher base rent from an upward revision in rental rates for existing and new tenants, along with improved occupancy of 99% from 97% previously.<\/p>\n
As for its hotel segment, represented by Mandarin Oriental, the group saw revenue climb by 4.1% y-o-y to RM67.9mil in 4Q24, driven by growth in group stays and banqueting events.<\/p>\n
The hotel\u2019s revenue per available room for 4Q24 saw a 3.7% y-o-y increase.<\/p>\n
Meanwhile, KLCCP Stapled Group\u2019s office segment, made up of PETRONAS Twin Towers, Menara 3 PETRONAS, Menara ExxonMobil and Menara Dayabumi, recorded a slight drop in revenue by 0.14% y-o-y to RM146.3mil.<\/p>\n
KLCCP Stapled Group chief executive officer Datuk Mohd Salem Kailany said the firm remains steadfast in its continued growth, backed by robust customer spending and a recovering tourism industry.<\/p>\n
\u201cThe company\u2019s overall performance in 2024 reflects solid growth across all our businesses, enabling us to deliver the highest dividend payout since the group\u2019s listing,\u201d he said.<\/p>\n
Going forward, the group said it remains cautiously optimistic in delivering another positive performance in 2025, underpinned by the stability of the office segment which is backed by long-term leases and triple net lease arrangements.<\/p>\n
KLCCP Stapled Group said Suria KLCC will continue to reaffirm its presence by prioritising customer-centric strategies and sustainable growth, while emphasising the importance of enhancing customer experiences and driving innovation in a competitive landscape and fostering a supportive environment for its stakeholders.<\/p>\n
On the other hand, Mandarin Oriental will continue to strengthen its collaboration with KLCC precinct partners to achieve sustainable performance.<\/p>\n
The group has declared a dividend of 17.10 sen per stapled security for 4Q24, bringing the total dividend of the year to 44.50 sen per stapled security.<\/p>\n