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Net profits for Mapletree Investments was at S$1.85 billion for FY2020/2021, with S$175 million in revaluation gains.
Mapletree investments registered a net profit of $1.85 billion for the financial year ended 31 March 2021, an increase of 4% from the previous year.
“The resilient performance underscored the strong focus on operations and capital recycling efforts, complemented by some S$175 million in revaluation gains,” it said in a release on Wednesday (2 June).
It noted that this year’s net profit included a one-off accounting gain from the deconsolidation of Mapletree Industrial Trust (MIT). Excluding the one-off accounting adjustment, net profit for FY2021 stands at $1.02 billion.
Revenue declined 29.4% to $2.74 billion, partly due to the accounting treatment from MIT’s deconsolidation and the weaker performance of its retail and lodging assets.
However, assets under management (AUM) climbed 9.6% to $66.3 billion during the period under review.
“Undoubtedly, Covid-19 has brought about near to medium-term challenges; however the group’s good operating performance has shown the resilience of our business model and strategies. During the year, we continued to deploy a significant amount of capital amounting to $2.3 billion into the logistics and data centre sectors. These sectors, which have outperformed other asset classes during the pandemic period, contributed some $596.2 million or 32% to the group’s earnings before interest and tax plus share of operating profit or loss of associated companies and joint ventures (EBIT + SOA),” said Mapletree’s Group Chief Executive Officer Hiew Yoon Khong.
“We will continue to firstly, focus on managing and improving our operating performances of our assets; secondly, sourcing, investing and developing assets which will deliver attractive and consistent returns globally in identified developed as well as developing markets; thirdly, strengthening our financial position by prudent capital management including monetisation of assets through syndication efforts. With these strategies being executed, we are on track to achieve the targets set in our current Five-Year Plan,” he added.
In FY2021, Mapletree expanded its office portfolio with acquisitions in South Korea, North America and the Netherlands for a total value of about $1.8 billion.
The group also made its maiden entry into the logistic sector of India with the acquisition of 103,268 sq m of warehouse spaces. It also acquired several land plots for residential development in China, logistics development in Japan and Australia, and data centre development in Hong Kong. Including development, the total investment amounted to $3.7 billion.
Mapletree added that it also syndicated its first European office fund in March, which raised EUR507 million ($812.9 million).
“Mapletree continues to receive strong interest from investors for our private funds which deliver good long-term investment performance. Going forward, the group will continue to assess investors’ appetite and market demand and aim to launch new funds across various markets and asset classes,” said Hiew.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg