KUALA LUMPUR, August 12 – KLCCP Stapled Group recorded an impressive revenue growth of 25% from RM280.2 to RM350.3 million, compared to second quarter last year.  Profit Before Tax (PBT) increased by 27.4% to RM219.3 million, owing to the strong performances of the retail and hotel segments as economic activities continued to pick up in the second quarter. With the encouraging performance and in maintaining a stable and consistent returns to its holders of Stapled Securities.

The Group declared a dividend of 8.00 sen per stapled security, bringing the total to 16.00 sen for the first half of 2022. With a stable of high-quality offices,  comprising the PETRONAS Twin Towers, Menara 3 PETRONAS, Menara Exxonmobil, and Menara Dayabumi,  the office segment continued to be a major contributor to the Group’s revenue, backed by the long-term tenancies  and the Triple Net Lease (TNL) of PETRONAS Twin Towers and Menara 3 PETRONAS. 

The segment recorded a marginal increase in revenue to RM145.4 million whilst PBT increased to RM118.4 million, attributable to higher interest income and lower financing cost resulting from lower effective interest rate upon refinancing of Sukuk Murabahah in April 2021. Suria KLCC and the retail podium of Menara 3 PETRONAS which represent the retail segment, saw an increase in revenue of 46.4% to RM125.2 million and PBT rose by 69.3% to RM95.6 million, driven by higher rental from new leases and advertising income, coupled with lower rental assistance during the quarter.

The strong pick up in retail activity saw tenant sales surpassing pre-Covid levels. The recovery in tenant sales was  contributed mainly by fashion, jewellery, and food and beverages (F&B) and supported by the growing number of tourists, school holidays crowd, and major events since the gradual reopening of international borders. “Suria KLCC will continue to benefit from the increase in retail activity as tourists return and the mall expects more new tenants to come onboard this year”, said Md. Shah Mahmood, Chief Executive Officer, KLCC Property Holdings Berhad.

The hotel segment recorded an exceptional performance as revenue jumped to RM32.1 million compared to RM8.5 million in quarter two, 2021, which narrowed the loss to RM8.3 million.  Mandarin Oriental, Kuala Lumpur’s (MOKL) strong rebound is on the back of RevPar recovery  and rising tourist arrivals coupled with stronger corporate and group bookings, which saw weekend occupancy hitting 55%. F&B revenue saw its performance soar significantly compared to quarter two last year mainly driven by a strong performance in all F&B outlets and higher banqueting events.

The management services segment comprising the Group’s facilities and car parking management recorded an increase in revenue of 11.5% to RM66.6 million arising from the increase in car parking revenue with the return of office tenants and increase is transient customers at Northwest Development (NWD) car park.  PBT, however, declined by 8.8% due to additional operating expenses incurred during the quarter.  KLCC Parking Management continued to elevate its customer service and experience with the introduction of a new cashless payment method, SETEL at NWD carpark and Menara Dayabumi. 

“While we expect further improvements in the remaining quarters, we are mindful of the economic headwinds that could impact and delay our recovery. Thus, we will remain vigilant and focused on maintaining our business stability while we continue to explore differentiation in our offerings to rejuvenate customer experience”, Shah added.


The Group continue to be optimistic on its recovery towards achieving performance at pre-pandemic levels.  However, rising inflation and the increase in material costs may impede economic recovery, thus recovery efforts may take longer than expected.  Lower spending power and cautious consumer sentiments may dampen the “back to normal” trajectory of the retail and hospitality segments.

The office segment is expected to remain stable on the back of long-term tenancies while  Suria KLCC will continue to leverage the return of tourists and intensify its retail activities and promotional programmmes.   MOKL anticipates better visibility  in the coming quarters with rebound in tourist arrivals and stronger event calendar and improving MICE activities.