Sunway REIT Shines with Staggering 55% Boost in Net Property Income
Sunway Real Estate Investment Trust (REIT) recorded a set of stellar financial performance for the financial year ended 31 December 2022, its revenue and NPI climbed 38% y-o-y and 55% y-o-y to RM651.4 million and RM500.2 million respectively, largely underpinned by higher contribution from all segments.
The financial performance was further buoyed by new income contribution from Sunway Carnival Mall (New Wing) and resumption of lease rental from Sunway Resort Hotel as the hotel reopened in phases since May 2022.
These were revealed in its unaudited financial results for the year ending 31st December 2022. For the 4th quarter, Sunway REIT’s revenue increased 18% YoY to RM186.7 million, while its net property income (NPI) rose 19% YoY to RM146.2 million.
The Retail segment performed well with a 26% YoY increase in revenue and 29% YoY rise in NPI, driven by higher retail footfall, increased sales and a boost from the new income contribution from the Sunway Carnival Mall.
Azam Saham
More Property Income Boost
The Hotel segment saw even greater growth, with a 107% YoY rise in revenue and 129% YoY increase in NPI, attributed to higher lease rental from Sunway Resort Hotel and Sunway Pyramid Hotel, due to an improvement in average occupancy rates and MICE activities.
The Office segment saw a moderate 5% YoY increase in revenue and a marginal increase in NPI, while the Services segment recorded a 3% YoY growth in revenue and NPI. The Industrial & Others segment posted a 10% YoY increase in both revenue and NPI.
For the full financial year, Sunway REIT’s revenue and NPI rose 38% YoY and 55% YoY to RM651.4 million and RM500.2 million respectively. The Retail segment was a standout performer, with a 58% YoY increase in revenue and a doubling of NPI.
The Hotel segment demonstrated an impressive recovery, with a 62% YoY rise in revenue and 83% YoY increase in NPI, driven by the improvement in domestic travel and resumption of MICE activities.
The Office segment saw a moderate 5% YoY increase in revenue and NPI, while the Services segment recorded a 3% YoY growth in revenue and NPI. The Industrial & Others segment posted a 10% YoY increase in both revenue and NPI. The strong performance was buoyed by new income contribution from the Sunway Carnival Mall and the reopening of Sunway Resort Hotel.
News Admin