YTL Hospitality REIT’s 9-Month Revenue Increases 15% to RM425 Million with 26% Growth in Distributable Income to RM106 Million

Kuala Lumpur, Thursday 23 May 2024 — YTL Hospitality REIT’s revenue increased 15% to RM424.7 million for the 9 months ended 31 March 2024 compared to RM369.3 million for the previous corresponding 9 months ended 31 March 2023.

Net property income (NPI) rose 17% to RM223.7 million for the 9 months under review compared to RM191.3 million for the same period last year, whilst income available for distribution grew 26% to RM106.1 million this year compared to RM84.2 million for the same period last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, “Improved performance of the Trust’s Australian portfolio was driven by increased international arrivals owing to entertainment and sports events held in Sydney and Brisbane, which drove up average daily room rates and occupancy rates. In the property rental segment, better performance was due to rental income from the new Hotel Stripes Kuala Lumpur, acquired on 31 October 2023, and step-up rental from the renewal of the lease agreement for the JW Marriott Hotel Kuala Lumpur”.

Comparison with Preceding Year Corresponding Period

 9 months ended
RM million
RM million
Distributable income106.184.2+26