DELIVERS RECORD PROFITS
January 30, 2009
- The Al-Hadharah
Boustead REIT (Al-Hadharah REIT) delivered a strong performance
in its second financial year ending 31 December 2008 achieving a
realised profit of RM64 million compared with last year's RM52 million.
This was achieved on the back of a revenue of RM68 million against
last year's RM55 million.
The key contributing factor
in the increase in revenue was due to the performance based profit
sharing of RM26 million compared with last year's RM17 million.
YBhg. Tan Sri Dato' Lodin
Wok Kamaruddin, Chairman of Boustead REIT Managers Sdn Bhd said,
"Given our performance into our second financial year, we continue
to hold strong our position as the second largest and the only Islamic
plantation REIT in the nation. Of course, our record earnings were
due to the remarkable performance of crude palm oil prices particularly
during the first half of this financial period."
"Despite adverse market
conditions which had a strong impact on global CPO prices, we were
positively impacted particularly in the first half of the year which
saw an average CPO price of RM3,026 per metric tonne (MT). We closed
the year with an annual average price of RM2,627 per MT compared
with last year's RM2,332 per MT."
For the financial year
2008, the Al-Hadharah REIT is committed to a fixed dividend of 7.38
sen per annum irrespective of market conditions. In tandem with
the positive performance, the Managers have declared a total dividend
of 11.03 sen for this year. To date, 3.69 sen has been distributed
and paid on 29 August 2008. The remaining 7.34 sen will be paid
on 27 February 2009 to unitholders on the register as at 17 February
Al-Hadharah REIT's net
asset value per unit jumped to RM1.26 due to acquisitions and a
revaluation exercise undertaken on the existing assets, which resulted
in an increase of the market value of its plantation assets portfolio
to more than RM800 million. This exercise saw a fair value gain
of RM129 million on the Fund's plantation assets bringing total
profit for the year to RM190 million.
"It was indeed a good
year as we strengthened our Fund size and expanded our asset base
with the acquisition of the Malakoff and Bebar estates which saw
an increase of total land area amounting to more than 3,700 hectares
bringing total hectarage to over 16,000."
"We expect to see
immediate benefits particularly from enhanced revenue given our
expanded asset base and subject to favourable market conditions.
We will continue to look out for viable assets for injection into
the Fund in the foreseeable future," YBhg. Tan Sri Dato' Lodin
This release may contain certain forward-looking statements with
respect to the financial conditions, results of operations and business
of the Fund and certain plans and objectives of Boustead REIT Managers
Sdn Bhd with respect to these items. By their nature, forward-looking
statements involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future and there
are many factors that could cause actual results and developments
to differ materially from those expressed or implied by these forward-looking
|Issued on behalf
of: Boustead REIT Managers Sdn Bhd--By:
acorn communications sdn bhd
For further information, please call:
Reshvinder Kaur at 017 2757 985 or Ng
Siew Yen at 03 7958 8348
Or email to: firstname.lastname@example.org