PROFIT FOR THE YEAR Profit for the year was RM60.1 million (FY2021: RM73.5 million) comprising realised profit of RM67.8 million (FY2021: RM65.2 million) and unrealised loss of RM7.6 million (FY2021: unrealised profit of RM8.3 million). Realised profit increased 3.9% or RM2.6 million in FY2022 mainly due to no provision on Covid-19 rental support recognised during the year as well as saving from refinancing exercise. The unrealised loss was mainly related to fair value adjustment of investment properties. INCOME AVAILABLE FOR DISTRIBUTION Total income available for distribution for FY2022 of the Fund was RM63.0 million. The Fund had distributed interim income distributions for the period from 1 January 2022 to 30 September 2022, of 6.00 sen per unit amounting to approximately RM44.2 million. On 2 February 2023, the Fund declared a final income distribution of 2.10 sen per unit, totalling RM15.8 million for the period from 1 October 2022 to 31 December 2022. The said distribution was paid on 28 February 2023. In total, the DPU for FY2022 is 8.10 sen, representing growth of 3.8% compared to DPU of 7.80 sen for FY2021. This remarkable achievement was due to cost savings from refinancing exercise in FY2021 and no provision on rental support recognised during the year. The distribution totalled RM60.0 million for FY2022, which represents 95.3% of the income available for distribution. STATEMENT OF FINANCIAL POSITION Al-`Aqar’s total asset value increased by RM202.3 million or 12.2% to RM1.9 billion as at end-FY2022. The increase was mainly due to the acquisition of assets on 23 December 2022. Al-`Aqar’s financing increased from RM683.9 million or 25.1% to RM855.6 million, resulting in a gearing ratio of 45.8% against 41.1% as at end-FY2021. STATEMENT OF CASH FLOW FOR EACH ACTIVITY: Operating Activities Net cash generated from operating activities increased slightly to RM88.9 million in FY2022 from RM88.6 million in FY2021. Investing Activities Al-`Aqar used RM167.0 million for acquisitions of KPJ Pasir Gudang, the extended building of KPJ Seremban and the extended building of Taiping Medical Centre and RM3.7 million enhancement to investment properties during the financial year. Al-`Aqar also received investment income of RM0.9 million as well as net proceed of RM0.2 million from the disposal of piece of land held under KPJIC, Penang. Financing Activities Net cash generated from financing activities was RM87.5 million. This was derived from new financings amounting of RM172.0 million in relation to acquisitions of 3 KPJ properties, offset by payment of income distribution to unitholders of RM57.4 million and financing cost paid of RM27.1 million. Cash and cash equivalents stood at RM96.1 million as at end-FY2022, higher by RM6.3 million or 7.0% from RM89.8 million as at end-FY2021. MANAGEMENT DISCUSSION AND ANALYSIS 43 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
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