AmFIRST REIT CEO steps down effective Dec 1

• In a Bursa Malaysia filing, AmFIRST REIT said Raja Nazirin Shah Raja Mohamad, 59, has resigned as CEO and director of the REIT “to pursue other opportunities”.

KUALA LUMPUR (Dec 1): AmFIRST Real Estate Investment Trust (AmFIRST REIT) chief executive officer Raja Nazirin Shah Raja Mohamad has stepped down from his post on Thursday (Dec 1).

In a Bursa Malaysia filing, AmFIRST REIT said Nazirin, 59, has resigned as CEO and director of the REIT “to pursue other opportunities”.

Nazirin has spent over three years at the helm of the REIT since his appointment to the post on April 22, 2019, when he succeeded then-acting CEO Chong Hong Chuon.

For the second quarter ended Sept 30, 2022 (2QFY2023), AmFIRST REIT posted a 61.33% decline in net profit to RM1.21 million from RM3.13 million a year earlier, due to higher property expenses and interest expenses.

Despite the drop in earnings, AmFIRST REIT declared an interim income distribution per unit (DPU) of 1.14 sen for the six-month period ended Sept 30, 2022 (6MFY2023), with an ex-date of Dec 6.

Revenue for the quarter came out 12.68% higher at RM26.67 million as compared to RM23.67 million previously on the back of higher average occupancy rate recorded in The Summit Retail and Office, Wisma AmFIRST and Menara AmBank, coupled with the absence of rental rebates and higher carpark income.

However, an 11.33% increase in property expenses to RM12 million from RM10.78 million due to higher utility costs, and a 16.08% rise in interest expenses to RM7.85 million versus RM6.76 million due to the various hikes in the overnight policy rate (OPR) dragged the REIT’s earnings.

At the noon break on Thursday, units of AmFIRST REIT were unchanged at 37 sen, giving the REIT a market capitalisation of RM250.63 million.