Sunway REIT Management released its financial results for the third quarter ended 30 September 2024 recording a revenue expansion of 9.3% to RM192.1 million from RM175.8 million in Q3 2023. NPI edged up 5.5% from RM136.8 million to RM144.3 million in Q3 2024. Profit for the quarter decreased from RM91 million recorded in Q3FY23 to RM89 million.
For YTD Q3 2024, Sunway REIT recorded an improved revenue of RM546.3 million and NPI of RM404.2 million, primarily driven by robust performance from retail and hotel segments, along with resilient performance from the other segments.
In Q3 2024, the Retail segment continued its strong growth momentum with revenue surging 17% to RM130.6 million, from RM111.8 million in Q3 2023. This was primarily attributed to the full-quarter rental contributions from the six hypermarkets commencing on 30 April 2024. Accordingly, the Retail segment's NPI soared 12% to RM91.8 million, from RM81.8 million in Q3 2023. The Retail segment's positive trajectory is expected to continue in the coming quarters, supported by the new opening of Oasis wing at Sunway Pyramid Mall on 1st November 2024 and the new rental contribution from Sunway 163 Mall commencing 9 th October 2024.
The Hotel segment's revenue increased 5% to RM29.2 million in Q3 2024, from RM27.9 million in Q3 2023, supported by an improved occupancy rate of 65% in YTD Q3 2024 compared to 63% in YTD Q3 2023. The NPI similarly grew 5% to RM28.1 million in Q3 2024, from RM26.9 million in Q3 2023. The positive trend it said was largely driven by a notable increase in foreign tourist arrivals across all hotels, particularly at our properties in Penang and Kuala Lumpur, including Sunway
Hotel Seberang Jaya, Sunway Hotel Georgetown and Sunway Putra Hotel, which have all achieved pre-pandemic levels of foreign tourist arrivals.
The Chief Executive Officer of Sunway REIT Management Sdn Bhd, Clement Chen, remarked "We are delighted to announce that Sunway REIT achieved a property portfolio of more than RM10.0 billion following the acquisition of two new assets with a combined value of RM282 million in October 2024. The first acquisition, completed on 9 th October, is the freehold Mont Kiara
shopping mall, now rebranded as "Sunway 163 Mall", for a purchase consideration of RM215 million.
The CEO said the strategic acquisitions are yield-accretive, offering initial yields of more than 7.0% and are expected to strengthen Sunway REIT's performance and distribution per unit in the upcoming quarters.
