Mapletree Investments posts 38.8% drop in full-year net profit to S$1.2 billion

MAPLETREE Investments on Friday (May 26) posted a net profit of S$1.2 billion for the full year ended Mar 31, 38.8 per cent lower than S$2 billion reported in the same period a year ago.

Revenue was flat at S$2.9 billion compared with the previous year. The group noted that operational performance improved, supported by higher contributions from Mapletree Pan Asia Commercial Trust and gradual recovery from the Covid-19 pandemic.

Recurring earnings were down 3.8 per cent on the year at S$779.7 million, while total assets under management (AUM) slipped 1.7 per cent to S$77.4 billion. The group said that if not for the strong Singapore dollar, AUM would have passed S$80 billion.

Mapletree also recorded nearly S$700 million in gains through various capital recycling initiatives during the year. Its cash reserves and committed undrawn facilities stood at S$14.2 billion as at Mar 31, 2023, while shareholders’ funds stood at S$19.9 billion.

Looking ahead, Mapletree group chief executive Hiew Yoon Khong said the group will focus on strengthening its balance sheet to navigate ongoing market uncertainty. This will be through an “active but prudent” capital management strategy.

The group will also invest in opportunities which provide long-term growth and value, including development projects located in higher-growth Asia markets.

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“As the heightened interest rate environment persists, we aim to leverage our core competencies to invest and develop in resilient assets and markets, such as logistics development projects in China, India, Vietnam, Malaysia, Japan and Australia, while growing our capital management business in these markets for greater, long-term returns,” Hiew added.