Al-‘Aqar Healthcare REIT Q1 2026 Financial Results: Strong Performance and Key Updates

Overview

Al-‘Aqar Healthcare REIT has released its unaudited condensed consolidated financial statements for the first quarter ended 31 March 2026. The results show robust growth in rental income, net income, and net asset value, alongside important updates on property disposals and financing arrangements. The REIT operates predominantly in Malaysia, focusing on healthcare-related properties.

Key Financial Highlights

• Gross Rental Income: RM32.96 million, up 13.0% from RM29.19 million in Q1 2025. This growth was mainly attributed to new rental income from KPJ Ampang Puteri Specialist Hospital (New Building) and KPJ Penang Specialist Hospital (New Building).
• Net Rental Income: RM28.99 million, an increase of 15.2% year-on-year.
• Net Income Before Taxation: RM17.31 million, up 9.6% from RM15.80 million in Q1 2025. The increase was driven by higher net rental income, partially offset by higher Islamic financing costs.
• Total Comprehensive Income: RM17.95 million, up 13.0% year-on-year.
• Earnings Per Unit (EPU): 2.06 sen per unit (Q1 2025: 1.88 sen per unit).
• Distribution Per Unit (DPU): 1.93 sen for the quarter, compared to 1.74 sen in Q1 2025.
• Net Asset Value (NAV): RM1,052.15 million or RM1.2532 per unit as at 31 March 2026 (before income distribution).
• Cash and Cash Equivalents: RM96.47 million at quarter-end.

Operational and Strategic Developments

• Property Disposals:
  • Al-‘Aqar has entered into agreements to dispose of two major properties:
    • Jeta Gardens Aged Care Facility (Australia): Disposal consideration AUD24.4 million (approx. RM74.9 million).
    • KPJ Healthcare College, Penang: Disposal consideration RM12.0 million.

    These disposals are still pending completion and may significantly impact future earnings and asset composition. Investors should monitor progress on these sales as they could be price sensitive.

• Islamic Financing Update:
  • Extension granted for the final maturity date of Commodity Murabahah Term Financing (CMTF 3 Tranche 1) of RM280.0 million from May 2026 to December 2026. This extension helps to manage liquidity and reduce refinancing risk.
  • Total Islamic financing (current and non-current): RM1.01 billion.
• Income Distribution:
  • Final income distribution for FY2025 of 1.86 sen per unit (paid on 27 Feb 2026), and Q1 2026 interim distribution proposed at 1.93 sen per unit.
  • The Fund aims to distribute at least 95% of its distributable income annually.
• Trade Receivables:
  • Significant portion (RM31.2 million out of RM41.1 million) relates to the Australian property, with settlement in progress.
• Foreign Exchange Impact:
  • Positive translation difference of RM645,130 for Q1 2026, reflecting currency movements related to overseas assets.

Prospects and Outlook

Al-‘Aqar Healthcare REIT is expected to achieve satisfactory performance in 2026, supported by new property additions and stable rental income. Malaysia’s GDP growth forecast of 4%-5% and continued domestic demand bode well for the REIT’s prospects. However, global risks, including geopolitical tensions and potential energy price shocks, remain a concern for the broader market.

No material litigation or off-balance sheet financial instruments were reported. No new units were issued this quarter. The business is not affected by seasonal or cyclical factors.

Investor Takeaways

• Strong rental income growth and higher quarterly distribution may positively influence share price.
• Pending property disposals (including Australian assets) could significantly affect future earnings and portfolio diversification—investors should monitor announcements closely.
• Stable operating cash flows and prudent financing arrangements support ongoing distributions.
• Currency translation gains and high cash reserves provide additional financial comfort.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a qualified financial advisor before making any investment decisions. The information is based on unaudited quarterly financial statements and may be subject to change.

Versi Bahasa Malaysia

Keputusan Kewangan Al-‘Aqar Healthcare REIT Suku Pertama 2026: Prestasi Kukuh dan Perkembangan Penting

Gambaran Keseluruhan

Al-‘Aqar Healthcare REIT telah menerbitkan penyata kewangan suku pertama berakhir 31 Mac 2026. Hasil menunjukkan pertumbuhan kukuh dalam pendapatan sewa, pendapatan bersih, dan nilai aset bersih, berserta perkembangan penting mengenai pelupusan hartanah dan pengaturan pembiayaan.

Sorotan Kewangan Utama

• Pendapatan Sewa Kasar: RM32.96 juta, naik 13.0% berbanding RM29.19 juta untuk suku yang sama tahun lalu. Kenaikan didorong oleh pendapatan sewa baru dari KPJ Ampang Puteri Specialist Hospital (Bangunan Baru) dan KPJ Penang Specialist Hospital (Bangunan Baru).
• Pendapatan Sewa Bersih: RM28.99 juta, meningkat 15.2% tahun ke tahun.
• Pendapatan Bersih Sebelum Cukai: RM17.31 juta, naik 9.6% berbanding RM15.80 juta tahun lalu.
• Jumlah Pendapatan Komprehensif: RM17.95 juta, naik 13.0% tahun ke tahun.
• Pendapatan Sebelum Unit (EPU): 2.06 sen seunit.
• Pengagihan Sebelum Unit (DPU): 1.93 sen untuk suku ini.
• Nilai Aset Bersih (NAV): RM1,052.15 juta atau RM1.2532 seunit pada 31 Mac 2026 (sebelum pengagihan pendapatan).
• Tunai dan Setara Tunai: RM96.47 juta pada akhir suku.

Perkembangan Operasi dan Strategik

• Pelupusan Hartanah:
  • Al-‘Aqar telah menandatangani perjanjian untuk melupuskan dua hartanah utama:
    • Jeta Gardens Aged Care Facility (Australia): Pertimbangan pelupusan AUD24.4 juta (anggaran RM74.9 juta).
    • KPJ Healthcare College, Pulau Pinang: Pertimbangan pelupusan RM12.0 juta.

    Pelupusan ini masih dalam proses dan boleh memberi impak besar kepada pendapatan masa depan dan komposisi aset. Pemegang saham harus memantau perkembangan ini kerana ia boleh mempengaruhi harga saham.

• Kemas Kini Pembiayaan Islam:
  • Pelanjutan tarikh matang akhir untuk Commodity Murabahah Term Financing (CMTF 3 Tranche 1) sebanyak RM280.0 juta dari Mei 2026 ke Disember 2026.
  • Jumlah pembiayaan Islam (semasa dan bukan semasa): RM1.01 bilion.
• Pengagihan Pendapatan:
  • Pengagihan akhir untuk tahun kewangan 2025 sebanyak 1.86 sen seunit (dibayar pada 27 Feb 2026), dan pengagihan interim Q1 2026 dicadangkan sebanyak 1.93 sen seunit.
  • Tabung bertujuan untuk mengagihkan sekurang-kurangnya 95% daripada pendapatan boleh diagih setiap tahun.
• Terimaan Perdagangan:
  • Bahagian besar (RM31.2 juta daripada RM41.1 juta) berkaitan dengan hartanah di Australia, dengan penyelesaian dalam proses.
• Kesan Tukaran Mata Wang:
  • Perbezaan terjemahan positif sebanyak RM645,130 untuk Q1 2026.

Prospek dan Pandangan

Al-‘Aqar Healthcare REIT dijangka mencapai prestasi memuaskan pada tahun 2026, disokong oleh penambahan hartanah baru dan pendapatan sewa yang stabil. Unjuran pertumbuhan KDNK Malaysia 4%-5% dan permintaan domestik yang berterusan adalah positif. Namun, risiko global termasuk ketegangan geopolitik dan potensi kenaikan harga tenaga tetap menjadi perhatian untuk pasaran secara keseluruhan.

Tiada litigasi material atau instrumen kewangan luar lembaran dilaporkan. Tiada unit baru diterbitkan. Perniagaan tidak terjejas oleh faktor bermusim atau siklikal.

Ringkasan Untuk Pelabur

• Pertumbuhan pendapatan sewa dan pengagihan suku tahunan lebih tinggi boleh memberi kesan positif kepada harga saham.
• Pelupusan hartanah yang masih belum selesai boleh memberi impak besar kepada pendapatan masa depan dan pemelbagaian portfolio—pemegang saham perlu memantau pengumuman terkini.
• Aliran tunai operasi yang stabil dan pengurusan pembiayaan yang berhemat menyokong pengagihan berterusan.
• Keuntungan tukaran mata wang dan rizab tunai yang tinggi memberi keselesaan kewangan tambahan.

Penafian

Artikel ini adalah untuk tujuan maklumat sahaja dan tidak merupakan nasihat pelaburan. Pelabur dinasihatkan melakukan kajian sendiri atau berunding dengan penasihat kewangan sebelum membuat keputusan pelaburan. Maklumat adalah berdasarkan penyata kewangan suku tahunan yang belum diaudit dan tertakluk kepada perubahan.

View AL-‘AQAR HEALTHCARE REIT Historical chart here