Sunway REIT records higher net profit of RM109.04mil in 1Q

KUALA LUMPUR: Sunway Real Estate Investment Trust (SunREIT) has a cautiously optimistic outlook for 2026, citing a strengthened portfolio following acquisitions in previous years and continued execution of asset enhancement initiatives.

"The REIT will also advance its transition towards green energy in line with its 2030 sustainability goals. In parallel, Sunway REIT remain opportunistic in pursuing acquisitions and portfolio diversification, guided by its TRANSCEND 2027 strategy," it said in comments accompanying its results filing.

In the first quarter of its financial year, SunREIT posted a net profit of RM109.04mil, up from RM98.56mil in the year-ago quarter, which translates to an earnings per share of 3.18 sen as compared to 2.88 sen previously.

Quarterly revenue rose to RM223.01mil from RM218.86mil in the previous comparative quarter.

According to the filing, the REIT's retail segment in 1Q26 saw a 10% year-on-year increase to RM185mil due to resilient consumer spending during the festive periods, coupled with incremental rental contributions from the newly acquired AEON Mall Seri Manjung commencing July 2025, as well as the full re-opening of Sunway Carnival Mall's old wing in May 2025.

SunREIT's hotel segment logged a 19% lower revenue of RM13mil compared to 1Q25, as travel activity subsided after the year-end and Middle East conflicts led to flight disruptions and elevated fuel costs.

The office segment registered a 1% marginal decline in revenue to RM20.3mil due to lower occupancy in Wisma Sunway. It noted, however, that the property is expected to achieve full occupancy by 4Q26.

Revenue for the industrial and others segment in  1Q26 surged 15% to RM4.8 million, largely supported by higher occupancy at Sunway REIT Industrial – PJ 1.