CapitaLand proposes 2.29 sen DPU, posts record FY24 results

CapitaLand Malaysia Trust (CLMT) has proposed an income distribution of 2.29 sen per unit for the second half of 2024 (July 1 to Dec 31).

For the full financial year (FY24), the real estate investment trust (REIT) reported an 11.5% year-on-year (y-o-y) increase in distribution per unit (DPU), reaching 4.65 sen, driven by a rise in distributable income.

The REIT’s distributable income for FY24 grew to RM132.84 million, while its net property income (NPI) surged 21.4% y-o-y to RM263.93 million, marking the highest NPI since its 2010 listing.

This performance was mainly fueled by a full-year contribution from Queensbay Mall and higher revenue from existing properties.

CLMT’s total property valuation increased by 2.4% to RM5.1 billion as of Dec 31, 2024.

The trust’s net profit for the year stood at RM187.16 million on revenue of RM454.76 million, compared to RM163.66 million in net profit and RM395.39 million in revenue the previous year.

In the fourth quarter alone (4Q24), NPI rose 15% y-o-y to RM72.49 million, bolstered by higher revenue from most properties, reflecting a boost in retail sentiment.

Fourth-quarter distributable income also increased by 7.7% y-o-y to RM35.22 million.

The trust’s CEO, Tan Choon Siang, noted that occupancy rates remained above 90%, with many retail properties achieving positive rental reversions.

The completion of asset enhancement initiatives at Gurney Plaza is expected to further boost CLMT’s performance in the coming year. — TMR