AmFIRST REIT 1Q net profit more than doubles on higher occupancy

KUALA LUMPUR: AmFIRST Real Estate Investment Trust (AmFIRST REIT) posted a 102.8% jump in net profit to RM6.6mil in the first quarter ended June 30, 2026 (1Q27), driven by higher portfolio occupancy and improved operational performance.

In a statement, AmREIT Managers Sdn Bhd, the manager of AmFIRST REIT, said realised net income from operations rose 10% to RM5.6mil from RM5.1mil a year earlier.

Its revenue from operations increased 7.5% to RM27.2mil, supported by higher rental and car park income as well as stronger contributions from its co-working space operations.

Overall portfolio occupancy improved to 88.3% from 83.1% a year earlier, supported by stronger take-up across several properties.

AmFIRST REIT said the improvement came despite the absence of RM1.7mil in one-off compensation income recorded a year earlier and the temporary closure of The Summit Hotel for a major rebranding and refurbishment exercise.

Property expenses fell 1.9% to RM11.4mil, mainly due to lower repair and maintenance costs, higher electricity cost recoveries from tenants and a one-off electricity refund from Tenaga Nasional Bhd.

Finance costs declined 3.3% to RM8mil as the average cost of borrowings eased to 4.09% from 4.32% a year earlier.

AmFIRST REIT owns eight properties valued at RM1.59bil, including Bangunan AmBank Group, Menara AmBank, Wisma AmFIRST and The Summit Subang USJ.