Sunway REIT NPI surges 82 per cent in 3QFY22
KUCHING: Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust (Sunway REIT), has released its financial results for the quarter ended 30 September 2022.
Sunway REIT registered a strong set of financial performance for the quarter ended 30 September 2022 (3QFY22). Revenue increased 56 per cent year-on-year (y-oy) to RM166.2 million in 3Q22, from RM106.9 million in the same quarter of the preceding year, on the back of an overall improvement in business performance for all segments.
The improvement in revenue was substantially contributed by the Retail and Hotel segments. Net property income (NPI) surged 82 per cent y-o-y to RM128.2 million in 3Q 2022, from RM70.5 million in the corresponding quarter of the preceding year.
Sunway REIT maintained its strong growth trajectory for the nine-month period of financial year ending December 31, 2022 supported by improvement in the financial performance across all segments and further boosted by new income contribution from the new wing of Sunway Carnival Mall and resumption of income contribution pursuant to the phased re-opening of Sunway Resort Hotel.
Revenue rose from RM314.5 million for 9M21 to RM464.7 million for 9M22, representing an increase of 48 per cent y-oy. NPI surged 77 per cent y-o-y to RM354.1 million for 9M22, in comparison to RM199.9 million in the corresponding period of the preceding year.
The manager maintains an optimistic outlook for FY22, underpinned by strong growth in the Retail segment, gradual recovery in the Hotel segment, new income contribution from the new wing of Sunway Carnival Mall and resumption of income contribution from phased reopening of Sunway Resort Hotel.
The manager’s chief executive officer Datuk Jeffrey Ng commented, “We are pleased to observe sustained momentum for the Retail segment supported by robust retail sales and retail footfall.
“The financial performance of Sunway REIT is further boosted by realisation of asset enhancement and property development initiatives which we have undertaken in the past two to three years, as these assets have started to generate additional income to the portfolio.”
He elaborated, “We are closely monitoring the macro-economic environment affecting economic growth, inflationary pressure, pace of interest rate hikes and its potential impact on Sunway REIT’s financial performance.
“The manager proactively optimises its capital management strategy to minimise the impact of higher finance costs. In addition, the Manager strives to increase the NPI moving forward to negate any adverse impact.”
“We remain steadfast to continue to create and unlock value for Sunway REIT’s assets portfolio in striving towards achieving the strategic goals of Transcend 2027,” he concluded.