38 SECTION 05 AL-`AQAR HEALTHCARE REIT FINANCIAL CAPITAL Overall, Al-`Aqar delivered an NPI of RM104.9 million in FY2025, an improvement of 3.3% from RM101.5 million in FY2024. This growth was driven from new rental income received from KPJ Ampang Puteri Specialist Hospital (New Building) and KPJ Penang Specialist Hospital (New Building) of RM3.5 million, along with annual rental increments. The Malaysian segment contributed to 99.7% of total portfolio NPI, with segmental NPI yield recorded at 5.5% in FY2025. Portfolio occupancy stood at 100% as at 31 December 2025 due to the nature of master leases with KPJ. REVENUE FY2024 RM’000 FY2025 RM’000 GROWTH % Malaysia 116,249 119,390 2.7 Australia 967 567 (41.4) NET PROPERTY INCOME (NPI) FY2024 RM’000 FY2025 RM’000 GROWTH % Malaysia 102,477 104,608 2.1 Australia (934) 292 131.3 PERFORMANCE BENCHMARK FY2024 FY2025 COMMENTARY Management expense ratio (%) 0.54 0.50 This reduction was primarily attributable to an increase in the Fund’s average Net Asset Value (NAV), particularly in the fourth quarter, despite higher expenses incurred. Total return (%) 15.03 -0.36 Total return for the financial year was negative due to lower closing price of RM1.28 compared to RM1.36 in FY2024. Average annual total unit price return - 5 years (%) 6.91 5.95 The 3-year average annual total return decreased due to lower closing price in FY2025. Average annual total unit price return - 3 years (%) 11.62 7.56 The 5-year average annual total return decreased due to lower closing price in FY2025. Distribution yield (%) 5.35 5.52 Distribution yield increased from 5.35% to 5.52% due to lower closing price in FY2025. NAV per unit (RM) 1.2391 1.2318 No significance changes on NAV per unit (after income distribution). FINANCIAL REVIEW
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