Al-Salam Reit Delivers Strong FY2025 Results, Underpinned by Komtar JBCC and Active Asset Management

KUALA LUMPUR, 26 February 2026 – JLG REIT Managers Sdn. Bhd., the Manager of Al-Salām Real Estate Investment Trust (Al-Salām REIT), today announced its results for the financial year ended 31 December 2025 (FY2025), closing a year marked by solid operational performance and significant growth.

For the year under review, Al-Salām REIT recorded a revenue of RM88.8 million, representing a 13% increase year-on-year from RM78.5 million in FY2024. Net Property Income (NPI) rose 19% year-on-year to RM61.1 million, while Profit After Tax (PAT) surged 158% year-on-year to RM13.6 million.

The growth was largely attributable to stronger performance at KOMTAR JBCC, supported by higher occupancy levels and improved rental rates, alongside sustained tenant demand.

214% Increase in Final Income Distribution

Al-Salām REIT declared a final income distribution of 0.70 sen per unit for Q4 2025, bringing total Distribution Per Unit (DPU) for FY2025 to 2.20 sen, a 214% increase compared to FY2024.

Zulhilmy Kamaruddin, Chief Executive Officer of the Manager, said “Our FY2025 performance reflects the resilience of our portfolio and the disciplined execution of our asset management strategy. The strong growth across revenue, NPI and earnings demonstrate the quality of our assets and our ability to capitalise on improving market conditions.”

“Looking ahead to 2026, we see Johor’s structural catalysts, including the Johor–Singapore Special Economic Zone (JS-SEZ) and the Johor Bahru–Singapore RTS Link, as supportive tailwinds for cross-border activity and consumer demand. In this environment, we will prioritise targeted asset enhancement initiatives (AEI), proactive leasing strategies and disciplined capital management to sustain distribution quality over the long term.”

Retail – Key Growth Driver

The retail segment remained the largest contributor to Al-Salām REIT’s earnings, led by continued strong performance at KOMTAR JBCC.

This segment recorded a 20% year-on-year increase in revenue to RM52.2 million in FY2025. NPI rose to RM30.9 million, from RM22.2 million in FY2024. The growth was primarily driven by improved occupancy levels and rental rates at KOMTAR JBCC, while @Mart Kempas and Mydin Hypermart Gong Badak continued to provide stable and steady contributions to the portfolio.

KOMTAR JBCC continued to benefit from Johor’s strengthening economic environment in FY2025, driven by rising domestic consumption, tourism recovery and sustained cross-border spending from Singapore.

Building on this momentum, the asset is well positioned to capture increased visitor flows in the lead-up to Visit Malaysia & Visit Johor Year 2026, which is expected to further support retail activity and footfall.

As part of its ongoing value enhancement strategy, Al-Salām REIT continues to optimise tenancy mix, enhance leasing quality and attract new brands with strong performance potential.

Complementing the retail segment, the portfolio’s other assets continued to provide stable and predictable income streams in FY2025. The F&B segment, anchored by long-term leased KFC and Pizza Hut outlets, recorded revenue of RM17.6 million and NPI of RM17.4 million, reflecting marginal year-on-year growth and reinforcing its defensive cashflow profile under long-term lease structures.

The industrial & others segment delivered revenue of RM12.0 million and NPI of RM11.4 million, supported by master lease and long-term tenancy arrangements that underpin income visibility and minimise vacancy risk.

Meanwhile, the office segment, comprising Menara KOMTAR, registered revenue of RM7.0 million and NPI of RM1.9 million, reflecting stable performance with gradual improvements in leasing activity as market conditions continue to normalise, supported by ongoing initiatives to strengthen occupancy and enhance medium-term asset performance.

“With improving fundamentals across our diversified portfolio and evolving developments in Johor’s economic landscape, Al-Salām REIT remains focused on strengthening earnings resilience and delivering sustainable, quality distributions to our unitholders,” Zulhilmy concluded.