KUALA LUMPUR: KLCCP Stapled Group’s net profit increased by 9.15 per cent to RM1.02 billion for the financial year ended Dec 31, 2024 (FY24) from RM931.29 million in the previous year, driven by solid growth across all business.

Revenue also rose 5.66 per cent to RM1.71 billion from RM1.62 billion in the preceding year, underpinned by the strong market performance and strategic focus.

For the fourth quarter (4Q 2024), the group’s net profit grew 12.04 per cent to RM430.91 million, up from RM384.59 million in the corresponding quarter a year earlier, while revenue rose 3.72 per cent to RM459.10 million against RM442.63 million previously.

KLCCP Stapled has declared a dividend of 17.10 sen per stapled security for the quarter, bringing the total dividend for the year to 44.50 sen per stapled security, a 9.9 per cent increase from 2023.

Chief executive officer of KLCC Property Holdings Bhd and KLCC REIT Management Sdn Bhd Datuk Mohd Salem Kailany said the group’s overall performance in 2024 reflects solid growth across all business segments, enabling it to deliver the highest dividend payout since its listing in 2013.

“With robust customer spending and a recovering tourism industry, we remain steadfast in our continued growth while staying committed to our strategic focus on delivering value and excellence to our shareholders,” he said in a filing with Bursa Malaysia.

On prospects, the group remains cautiously optimistic about delivering another positive performance in 2025, underpinned by the stability of the office segment, which is backed by long-term leases and triple net lease arrangements.

It said Suria KLCC is committed to maintaining its presence within the iconic Petronas Twin Towers by prioritising customer-centric strategies and sustainable growth.

“The mall’s efforts to enhance customer experiences and drive innovation are crucial in navigating the competitive landscape and fostering a supportive environment for all stakeholders,” it said.

Meanwhile, Mandarin Oriental continues to strengthen its collaboration with KLCC Precinct partners to achieve sustainable performance.

Moving forward, the group remains dedicated to asset enhancements, aiming to further elevate service excellence and enhance the customer experience in the KLCC Precinct.

Source: KLCCP Stapled Group net profit rises to RM1.01bil in FY24