KLCC Property focuses on asset rejuvenation, modernisation
KUALA LUMPUR: KLCC Property Holdings Bhd (KLCCP) is maintaining a selective yet strategic approach as it explores potential new assets as part of its long-term portfolio expansion.
The company remains open to opportunities that align with its core strengths and disciplined investment strategy, chairman Datuk Annies Md Ariff said.
KLCC Property is exercising prudent capital management, with this year's focus firmly placed on asset rejuvenation and modernisation within the planned budget cycle, he added.
"We will continue to maximise our asset potential through regeneration and modernisation efforts, leveraging strategic collaborations to deliver unique customer experiences," he said at a press conference after its annual general meeting today.
Chief executive officer Datuk Mohd Salem Kailany said no new acquisitions are currently under consideration.
"No current acquisition plans, locally or overseas. Earnings growth will be driven by our core strength and disciplined execution. We remain focused on being a stable, high-yielding and defensive stock.
"A major step we took during the year was the acquisition of the remaining 40 per cent equity in Suria KLCC, enabling more dynamic mall management which led to a 99 per cent occupancy rate and over 50 million footfall last year," he added.
For the financial year ending December 31, 2024, KLCC Property recorded a 5.7 per cent year-on-year revenue increase to RM1.7 billion, rising from RM1.62 billion in 2023.
Its pre-tax profit climbed to RM1.2 billion, a modest 1.2 per cent growth compared to RM1.19 billion in the previous year.
In line with the results, the company declared a record high dividend payout of 44.50 sen per stapled security, which is the highest since its listing and represents a 9.9 per cent rise from the previous year.
On the hospitality front, Mandarin Oriental Kuala Lumpur recorded a 21 per cent increase in revenue per available room (RevPAR) and a 25 per cent rise in banquet and catering revenue, solidifying its position as a market leader in RevPAR.
KLCC Property acknowledged ongoing global uncertainties, including tariff impacts and geopolitical risks. However, it noted that no significant direct effects have been observed thus far.
The company clarified that it has no direct involvement or timeline concerning the Bandar Malaysia project.
"Bandar Malaysia is not under KLCCP or KLCC Reit. It is with KLCC Holdings Sdn Bhd, and they are currently in the process of putting up a new development plan," Annies said.
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