KLCCP Stapled Group’s 4Q net profit up 12%, delivers record dividend payout

• The group — comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust — declared a fourth interim dividend of 17.1 sen per stapled security, payable on Feb 28.

KUALA LUMPUR (Feb 5): KLCCP Stapled Group (KL:KLCC) posted a 12% rise in net profit for the fourth quarter, driven by full ownership of Suria KLCC Mall and higher fair value gains.

Net profit for the fourth quarter ended Dec 31, 2024 (4QFY2024) rose to RM430.91 million from RM384.59 million a year earlier, according to the group’s bourse filing on Wednesday.

The group — comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust — declared a fourth interim dividend of 17.1 sen per stapled security, payable on Feb 28. This brings the group's total dividend payout for FY2024 to 44.5 sen per stapled security — a record high since listing in 2013 and a 9.9% increase from 40.5 sen in FY2023.

Its revenue for the quarter under review increased 3.72% to RM459.1 million compared to RM442.63 million previously, thanks to higher rental rate revision and improvement in occupancy rate to 99% from 97%.

It booked a fair value adjustment of RM234.73 million in 4QFY2024, as compared to RM221.91 million a year earlier.

Growth in the group’s bottomline was partially offset by higher financing costs tied to its purchase of the remaining 40% stake in Suria KLCC for RM1.95 billion in early 2024.

“The group’s overall performance in 2024 reflects solid growth across all our businesses, enabling us to deliver the highest dividend payout since the group’s listing,” KLCCP Datuk Mohd Salem Kailany said in a separate statement.

Net profit for FY2024 stood 9.15% higher at RM1.02 billion from RM931.29 million in FY2023, as revenue rose 5.66% to RM1.71 billion from RM1.62 billion.

Looking ahead, KLCCP said its outlook remains favourable, citing expectations of Malaysia’s steady economic growth in 2025.

“Suria KLCC will continue to reaffirm its presence by prioritising customer-centric strategies and sustainable growth, while emphasising the importance of enhancing customer experience and driving innovation in a competitive landscape and fostering a supportive environment for its stakeholders,” the group said. 

“Moving forward, the group remains dedicated to asset enhancements and aims to further elevate service excellence and customer experience within the KLCC Precinct,” it added.

Besides Suria KLCC, other properties under KLCCP’s portfolio include the Petronas Twin Towers, Menara 3 Petronas, Menara ExxonMobil, Menara Dayabumi, and Mandarin Oriental KL.

Units in KLCCP ended eight sen or 0.97% higher at RM8.35 on Wednesday, valuing the group at RM15.1 billion.

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