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AL- — Interim / Quarterly Report 2026
May 21, 2026
70230_rns_2026-05-21_38c2f7f4-eb45-4c65-8b6d-cad31efa2a19.pdf
Interim / Quarterly Report
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AL-'AQAR HEALTHCARE REIT
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the First Quarter Ended 31 March 2026
| Note | Individual Quarter | Cumulative Quarter | ||||
|---|---|---|---|---|---|---|
| Current Year Quarter 31-03-2026 | Preceding Year Corresponding Quarter 31-03-2025 | Changes | Current Year 31-03-2026 | Preceding Year Corresponding Period to Date 31-03-2025 | Changes | |
| RM | RM | % | RM | RM | % | |
| Gross rental income | 32,964,727 | 29,186,154 | 13.0 | 32,964,727 | 29,186,154 | 13.0 |
| Other income | 133,146 | 133,082 | 0.1 | 133,146 | 133,082 | 0.1 |
| Total income | 33,097,873 | 29,319,236 | 12.9 | 33,097,873 | 29,319,236 | 12.9 |
| Property expenses | (1,881,565) | (1,734,722) | 8.5 | (1,881,565) | (1,734,722) | 8.5 |
| Managers' fees | (1,574,337) | (1,375,959) | 14.4 | (1,574,337) | (1,375,959) | 14.4 |
| Professional fees | (143,860) | (668) | >100 | (143,860) | (668) | >100 |
| Valuation fees | (52,000) | (87,500) | (40.6) | (52,000) | (87,500) | (40.6) |
| Trustees' fees | (105,195) | (104,156) | 1.0 | (105,195) | (104,156) | 1.0 |
| Maintenance of properties | (353,000) | (848,950) | (58.4) | (353,000) | (848,950) | (58.4) |
| Total property expenses | (4,109,957) | (4,151,955) | (1.0) | (4,109,957) | (4,151,955) | (1.0) |
| Net rental income | 28,987,916 | 25,167,281 | 15.2 | 28,987,916 | 25,167,281 | 15.2 |
| Investment income | 579,004 | 481,575 | 20.2 | 579,004 | 481,575 | 20.2 |
| 29,566,920 | 25,648,856 | 15.3 | 29,566,920 | 25,648,856 | 15.3 | |
| Islamic financing costs | (11,853,146) | (9,514,043) | 24.6 | (11,853,146) | (9,514,043) | 24.6 |
| Administrative expenses | (395,727) | (328,262) | 20.6 | (395,727) | (328,262) | 20.6 |
| Witholding tax | (11,060) | (11,060) | - | (11,060) | (11,060) | - |
| Total trust expenditure | (12,259,933) | (9,853,365) | 24.4 | (12,259,933) | (9,853,365) | 24.4 |
| Net income before taxation | 17,306,987 | 15,795,491 | 9.6 | 17,306,987 | 15,795,491 | 9.6 |
| Tax | - | - | - | - | - | - |
| Net income after taxation | 17,306,987 | 15,795,491 | 9.6 | 17,306,987 | 15,795,491 | 9.6 |
| Other comprehensive income for the period | ||||||
| Foreign currency translation differences for foreign operation | 645,130 | 96,140 | >100 | 645,130 | 96,140 | >100 |
| Total comprehensive income for the period | 17,952,117 | 15,891,631 | 13.0 | 17,952,117 | 15,891,631 | 13.0 |
| Net income after taxation is made up as follows: | ||||||
| Realised | 16,823,735 | 15,200,714 | 10.7 | 16,823,735 | 15,200,714 | 10.7 |
| Unrealised | 483,252 | 594,777 | (18.8) | 483,252 | 594,777 | (18.8) |
| 17,306,987 | 15,795,491 | 9.6 | 17,306,987 | 15,795,491 | 9.6 | |
| Earnings per unit (sen) - Net | 2.06 | 1.88 | 9.6 | 2.06 | 1.88 | 9.6 |
The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the financial statements.
AL-'AQAR HEALTHCARE REIT
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 March 2026
| Note | Unaudited As At End Of Current Quarter 31-03-2026 RM | Audited As At Preceding Year Ended 31-12-2025 RM | |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Investment properties | A9 | 1,879,245,760 | 1,879,245,760 |
| Current Assets | |||
| Trade receivables | B11 | 57,727,022 | 52,704,020 |
| Other receivables & prepayments | 6,077,410 | 1,225,275 | |
| Cash and bank balances | 37,603,672 | 38,672,419 | |
| Fixed deposits with licensed banks | 58,906,001 | 62,830,347 | |
| 160,314,105 | 155,432,061 | ||
| Assets classified as held for sale | 52,933,134 | 52,933,134 | |
| 213,247,239 | 208,365,195 | ||
| TOTAL ASSETS | 2,092,492,999 | 2,087,610,955 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Islamic financing | B12 | 370,821,583 | 370,630,333 |
| Other payables | 20,020,341 | 20,020,341 | |
| Deferred tax | 1,322,541 | 1,322,541 | |
| 392,164,465 | 391,973,215 | ||
| Current Liabilities | |||
| Islamic financing | B12 | 639,008,637 | 638,425,933 |
| Other payables and accruals | 9,170,463 | 7,177,838 | |
| Provision for income distribution | - | 230,246 | |
| 648,179,100 | 645,834,017 | ||
| TOTAL LIABILITIES | 1,040,343,565 | 1,037,807,232 | |
| NET ASSETS VALUE | 1,052,149,434 | 1,049,803,723 | |
| REPRESENTED BY: | |||
| Unitholders' capital | 854,758,225 | 854,758,225 | |
| Undistributed income | 215,495,053 | 213,794,472 | |
| Foreign exchange translation reserve | (18,103,844) | (18,748,974) | |
| TOTAL UNITHOLDERS' FUND | 1,052,149,434 | 1,049,803,723 | |
| NUMBER OF UNITS IN CIRCULATION | 839,597,757 | 839,597,757 | |
| NET ASSETS VALUE (NAV) PER UNIT (RM) | |||
| - Before income distribution | 1.2532 | 1.2504 | |
| - After income distribution* | 1.2339 | 1.2318 |
*after reflecting the proposed first interim income distribution for financial year ending 31 December 2026 of 1.93 sen per unit (2025: final income distribution for financial year ended 31 December 2025 of 1.86 sen per unit).
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the financial statements.
AL-'AQAR HEALTHCARE REIT
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS VALUE
For the First Quarter Ended 31 March 2026
| Note | Unitholders' Capital | Realised | Unrealised | Total Undistributed Income | Foreign Exchange | Total Unitholders' Fund |
|---|---|---|---|---|---|---|
| RM | RM | RM | RM | RM | RM | |
| As at 1 January 2025 | 854,758,225 | 70,229,360 | 144,688,467 | 214,917,827 | (16,133,004) | 1,053,543,048 |
| Operation for the period ended 31 March 2025 | ||||||
| Net income for the period | - | 15,200,714 | 594,777 | 15,795,491 | 96,140 | 15,891,631 |
| Increase in net assets resulting from operation | - | 15,200,714 | 594,777 | 15,795,491 | 96,140 | 15,891,631 |
| Unitholders' transactions | ||||||
| Placement of units | - | - | - | - | - | - |
| Distribution to unitholders | - | (13,181,678) | - | (13,181,678) | - | (13,181,678) |
| Issuing expenses | - | - | - | - | - | - |
| Decrease in net assets resulting from unitholders' transactions | - | (13,181,678) | - | (13,181,678) | - | (13,181,678) |
| Net assets as at 31 March 2025 | 854,758,225 | 72,248,396 | 145,283,244 | 217,531,640 | (16,036,864) | 1,056,253,001 |
| As at 1 January 2026 | 854,758,225 | 75,370,160 | 138,424,312 | 213,794,472 | (18,748,974) | 1,049,803,723 |
| Operation for the period ended 31 March 2026 | ||||||
| Net income for the period | - | 16,823,735 | 483,252 | 17,306,987 | 645,130 | 17,952,117 |
| Increase in net assets resulting from operation | - | 16,823,735 | 483,252 | 17,306,987 | 645,130 | 17,952,117 |
| Unitholders' transactions | ||||||
| Placement of units | - | - | - | - | - | - |
| Distribution to unitholders # | - | (15,606,406) | - | (15,606,406) | - | (15,606,406) |
| Issuing expenses | - | - | - | - | - | - |
| Decrease in net assets resulting from unitholders' transactions | - | (15,606,406) | - | (15,606,406) | - | (15,606,406) |
| Net assets as at 31 March 2026 | 854,758,225 | 76,587,489 | 138,907,564 | 215,495,053 | (18,103,844) | 1,052,149,434 |
Includes payment of the final income distribution for the financial year ended 31 December 2025 of 1.86 sen per unit (of which 1.10 sen per unit is taxable and 0.76 sen per unit is non-taxable in the hands of unit holders) in respect of the period from 1 October to 31 December 2025 which was paid on 27 February 2026.
The Condensed Consolidated Statement of Changes In Net Assets Value should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the financial statements.
AL-'AQAR HEALTHCARE REIT
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the First Quarter Ended 31 March 2026
| To Date | ||
|---|---|---|
| 31-03-2026 | 31-03-2025 | |
| RM | RM | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit before taxation | 17,306,987 | 15,795,491 |
| Adjustment for: | ||
| Islamic financing costs | 11,853,146 | 9,514,043 |
| Investment revenue | (579,004) | (481,575) |
| Unrealised gain on foreign exchange | (23,757) | (3,567) |
| Unbilled rental income | (459,495) | (591,210) |
| Operating profit before working capital changes | 28,097,877 | 24,233,182 |
| Changes in working capital: | ||
| Increase in receivables and prepayments | (9,415,642) | (23,309,418) |
| Increase in other payables and accruals | 1,618,650 | 2,868,501 |
| Cash generated from operations | 20,300,885 | 3,792,265 |
| Taxes | - | - |
| Net cash generated from operating activities | 20,300,885 | 3,792,265 |
| CASH FLOWS FROM INVESTING ACTIVITY | ||
| Income received on investment | 579,004 | 481,575 |
| Net cash generated from investing activity | 579,004 | 481,575 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Islamic financing costs paid | (10,935,463) | (10,642,591) |
| Distribution paid | (15,606,406) | (13,181,678) |
| Repayment of Islamic financing | - | (109,994,050) |
| Proceeds from Islamic financing | - | 113,000,000 |
| Net cash used in financing activities | (26,541,869) | (20,818,319) |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,661,980) | (16,544,479) |
| EFFECT OF FOREIGN EXCHANGE RATE CHANGES | 668,887 | 99,707 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF FINANCIAL PERIOD | 101,460,697 | 87,272,658 |
| CASH AND CASH EQUIVALENTS AT END OF FINANCIAL PERIOD | 96,467,604 | 70,827,886 |
| DEPOSITS, CASH AND BANK BALANCES | ||
| Cash and bank balances | 37,603,672 | 28,734,649 |
| Fixed deposits with licensed banks | 58,906,001 | 42,134,241 |
| 96,509,673 | 70,868,890 | |
| Less: Islamic fixed deposits with licensed banks with maturity period of more than 3 months | (42,069) | (41,004) |
| CASH AND CASH EQUIVALENTS | 96,467,604 | 70,827,886 |
The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the financial statements.
AL-'AQAR HEALTHCARE REIT
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the First Quarter Ended 31 March 2026
A. EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134 ("MFRS 134")
A1. BASIS OF PREPARATION
These condensed financial statements have been prepared in accordance with Listing Requirements of the Bursa Malaysia Securities Berhad, Malaysian Financial Reporting Standard (MFRS) 134 and International Financial Reporting Standards.
The interim financial report should be read in conjunction with the Audited Financial Statements of the Group for the financial year ended 31 December 2025.
The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with those adopted in the most recent Audited Financial Statements for the financial year ended 31 December 2025.
The Group has applied the following standards and amendments for the first time for the financial period beginning 1 January 2025 :
- Amendments to MFRS 121 : Lack of Exchangeability
The standards and interpretations that are issued but not yet effective are disclosed below:
- Amendments to MFRS 9 and MFRS 7: Classification and Measurement of Financial Instruments (effective 1 January 2026)
- Amendments to MFRS 9 and MFRS 7: Contracts referencing nature-dependent electricity (effective 1 January 2026)
- Annual Improvements to MFRSs - Volume 11 (effective 1 January 2026)
- MFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)
- MFRS 19 Subsidiaries without Public Accountability: Disclosure (effective 1 January 2027)
- Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Deferred)
The Group did not early adopt these new standards.
A2. AUDITORS' REPORT ON PRECEDING ANNUAL FINANCIAL STATEMENTS
The financial statements of Al-'Aqar Healthcare REIT for the financial year ended 31 December 2025 was not subject to any audit qualification.
A3. SEASONALITY AND CYCLICALITY OF OPERATIONS
The business operations of Al-'Aqar Healthcare REIT are not affected by any material seasonal or cyclical factors.
A4. UNUSUAL ITEMS AFFECTING THE FINANCIAL STATEMENTS
There were no unusual items affecting the financial statements of Al-'Aqar Healthcare REIT for the current quarter.
A5. CHANGES IN ACCOUNTING ESTIMATES
There were no changes in accounting estimates arising from the adoption of the new and revised MFRSs, that have had a material effect in the current quarter.
A6. ISSUANCES, CANCELLATIONS, REPURCHASES AND REPAYMENT OF DEBT AND EQUITY SECURITIES
There were no issuances, cancellations, repurchase and repayment of debt and equity securities being made in the current quarter.
A7. INCOME DISTRIBUTION
The final income distribution for the financial year ended 31 December 2025 of 1.86 sen per unit (of which 1.10 sen per unit is taxable and 0.76 sen per unit is non-taxable in the hands of unit holders) in respect of the period from 1 October to 31 December 2025, which was announced on 27 January 2026 has been paid on 27 February 2026.
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A8. SEGMENTAL REPORTING
a. Primary reporting segment - Geographical segments
Following the classification of substantially all of the Australian property as assets held for sale, Al-'Aqar Healthcare REIT operates predominantly in Malaysia and is managed as a single reportable segment. Accordingly, segment information by geographical segment is not presented.
b. Secondary reporting segment - Business segments
Al-'Aqar Healthcare REIT operates solely within the healthcare industry and is managed as a single business segment. Accordingly, the segment information by business segment is not presented.
A9. VALUATION OF INVESTMENT PROPERTIES
There was no valuation of property being made in the current quarter.
A10. SUBSEQUENT MATERIAL EVENTS
There were no subsequent material events to the current quarter under review up to the date of this Interim Financial Report.
A11. CHANGES IN THE COMPOSITION OF THE TRUST
There were no changes in the composition of Al-'Aqar Healthcare REIT for the current quarter.
A12. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
There were no contingent liabilities or contingent assets to be disclosed in the current quarter.
A13. SIGNIFICANT RELATED PARTY TRANSACTION
Parties are considered to be related to the Group and the Fund if the Group and the Fund has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the Fund and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.
The Group and the Fund derives all its rental income from related parties.
Significant related party transactions are as follows:
| The Group | The Fund | |||
|---|---|---|---|---|
| 31-03-2026 RM | 31-03-2025 RM | 31-03-2026 RM | 31-03-2025 RM | |
| Manager's fee | 1,574,337 | 1,375,959 | 1,574,337 | 1,375,959 |
| Maintenance fee | 348,320 | 300,120 | 348,320 | 300,120 |
| Miscellaneous expenses | - | 54,523 | - | 54,523 |
| Other income | 133,000 | 133,000 | 133,000 | 133,000 |
Other income relates to the compensation received from Selangor Medical Centre Sdn Bhd for loss of opportunity and annual loss of potential income due to the deferment for the transfer of a Physician Consultant Building to the Group and the Fund.
The related party transactions described above were entered into in the normal course of business and are based on negotiated and mutually agreed terms.
AL-'AQAR HEALTHCARE REIT
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the First Quarter Ended 31 March 2026
B. ADDITIONAL INFORMATION PURSUANT TO PARAGRAPH 9.44 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
B1. REVIEW OF PERFORMANCE
| Individual Quarter | Cumulative Quarter | |||||
|---|---|---|---|---|---|---|
| Current Year Quarter 31.03.2026 RM'000 | Preceding Year Corresponding Quarter 31.03.2025 RM'000 | Changes % | Current Year To Date 31.03.2026 RM'000 | Preceding Year Corresponding Period To Date 31.03.2025 RM'000 | Changes % | |
| Net rental income | 28,988 | 25,167 | 15.2 | 28,988 | 25,167 | 15.2 |
| Net income before taxation | 17,307 | 15,795 | 9.6 | 17,307 | 15,795 | 9.6 |
Review of Individual/Cumulative Quarter Results
The net rental income for Al-'Aqar Healthcare REIT of RM29.0 million for the 3 months period ended 31 March 2026 represented an increase of RM3.8 million or 15.2% from RM25.2 million, recorded in the preceding year's corresponding quarter. The increase was mainly due to new rental income received from KPJ Ampang Puteri Specialist Hospital (New Building) and KPJ Penang Specialist Hospital (New Building) during the current quarter.
The net income before taxation of RM17.3 million for the quarter ended 31 March 2026, which was RM1.5 million higher than preceding year's corresponding quarter of RM15.8 million. The increase was mainly due to higher net rental income of RM3.8 million partially offset by higher financing cost of RM2.3 million incurred during the current quarter.
B2. MATERIAL CHANGES IN NET INCOME BEFORE TAXATION FOR THE QUARTER AS COMPARED WITH THE IMMEDIATE PRECEDING QUARTER
| Current Quarter ended 31.03.2026 RM'000 | Immediate Preceding Quarter ended 31.12.2025 RM'000 | Changes % | |
|---|---|---|---|
| Net rental income | 28,988 | 28,551 | 1.5 |
| Net income before taxation | 17,307 | 7,703 | >100 |
Al-'Aqar Healthcare REIT recorded a net income before taxation of RM17.3 million as compared to RM7.7 million in the preceding quarter. The increase was mainly attributable to the absence of prior quarter fair value losses, including a RM2.0 million write-down on assets held for sale and a RM6.4 million loss on investment property valuations.
B3. CHANGES IN NET ASSET VALUE
| As at 31-03-2026 RM'000 | As at 31-12-2025 RM'000 | |
|---|---|---|
| Net asset value ("NAV") | 1,052,149 | 1,049,804 |
| NAV per unit (RM) | 1.2532 | 1.2504 |
The NAV as at 31 March 2026 was higher by RM2.3 million as compared to the immediate preceding quarter, as a result of total comprehensive income of RM17.9 million and income distribution of RM15.6 million recognised during the current quarter.
B4. PROSPECTS
The global economic outlook for 2026 is expected to remain moderate, with global growth around 3%. However, risks are tilted to the downside amid ongoing geopolitical tensions in the Middle East, which could drive up energy prices, disrupt supply chains, and tighten global financial conditions.
Bank Negara Malaysia projects Malaysia's GDP growth at 4%–5% in 2026, supported primarily by continued domestic demand and exports. Looking ahead, the external environment is likely to remain fluid given these geopolitical uncertainties.
While Al-'Aqar has not experienced any material direct impact so far, the Manager will continue to monitor developments closely and implement mitigating actions if necessary. Barring any unforeseen circumstances, Al-'Aqar is expected to achieve satisfactory performance in 2026.
B5. UTILISATION OF PROCEEDS RAISED FROM ANY ISSUANCE OF NEW UNITS
There was no issuance of new units during the current quarter.
B6. TAX
| The Group | The Fund | |||
|---|---|---|---|---|
| 31-03-2026 RM | 31-03-2025 RM | 31-03-2026 RM | 31-03-2025 RM | |
| Tax expense | - | - | - | - |
| - Income Tax | - | - | - | - |
Pursuant to the amendment of Section 61A of the Income Tax Act, 1967, under the Finance Act 2006 which was gazetted on 31 December 2006, where in the basis period for a year assessment, 90% or more of the total income of the trust is distributed to unitholders, the total income of the trust for that year of assessment shall be exempted from tax.
In accordance with the Deed, the Fund is required to distribute at least 95% of its distributable income. The Manager also expects to distribute the net income within two months from the end of each financial year and accordingly, no estimated current tax payable is required to be provided in the financial statements.
Deferred tax liability has been provided for the investment properties at 10% which reflects the expected manner of recovery of the investment properties i.e. recovered through sale.
B7. INCOME DISTRIBUTION
Income distributions to unitholders is derived from the following sources:
| Current Year Quarter 31-03-2026 RM'000 | Preceding Year Corresponding Quarter 31-03-2025 RM'000 | Current Year To Date 31-03-2026 RM'000 | Preceding Year Corresponding Period To Date 31-03-2025 RM'000 | |
|---|---|---|---|---|
| Net rental income | 28,988 | 25,167 | 28,988 | 25,167 |
| Investment income | 579 | 482 | 579 | 482 |
| Less: Unbilled rental income | (459) | (591) | (459) | (591) |
| 29,108 | 25,058 | 29,108 | 25,058 | |
| Less: Expenses | (12,284) | (9,857) | (12,284) | (9,857) |
| Realised/Distributable income for the period | 16,824 | 15,201 | 16,824 | 15,201 |
| Previous year's undistributed realised income | 59,754 | 57,045 | 59,754 | 57,045 |
| Total realised income available for distribution | 76,578 | 72,246 | 76,578 | 72,246 |
| Less: Income to be distributed for the quarter/period | (16,204) | (14,609) | (16,204) | (14,609) |
| Balance undistributed income realised income | 60,374 | 57,637 | 60,374 | 57,637 |
| Distribution per unit (sen) | 1.93 | 1.74 | 1.93 | 1.74 |
B8. GAIN OR LOSS ON SALE OF UNQUOTED INVESTMENTS AND PROPERTIES
There was no disposal of unquoted securities or investment properties during the current quarter.
B9. PURCHASE AND DISPOSAL OF QUOTED SECURITIES
There was no purchase or disposal of quoted securities during the current quarter.
B10. STATUS OF CORPORATE PROPOSALS ANNOUNCED BUT NOT COMPLETED
Proposed Disposal
(1) On 13 December 2023, on behalf of the Manager, KAF Investment Bank Berhad announced that Al-'Aqar entered into a land sale contract with Principal Healthcare Finance Pty Ltd to dispose of the lands and buildings of Jeta Gardens Aged Care Facility with the disposal consideration amounted to AUD24.4 million cash (equivalent to approximately RM74.9 million) ("Proposed Disposal").
(2) On 4 December 2025, on behalf of the Manager, UOB Kay Hian (M) Sdn Bhd (formerly known as UOB Kay Hian Securities (M) Sdn Bhd) announced that Al-'Aqar entered into a sale and purchase agreement with Icon Square Sdn Bhd for the disposal of KPJ Healthcare College, Penang with the disposal consideration amounted to RM12.0 million cash ("Proposed Disposal").
B11. TRADE RECEIVABLES
| The Group | ||
|---|---|---|
| As at 31-03-2026 | As at 31-03-2025 | |
| RM'000 | RM'000 | |
| Current | ||
| Trade receivables | 41,146 | 40,940 |
| Unbilled rental income | 16,581 | 14,506 |
| 57,727 | 55,446 |
Trade receivables comprise rental receivable from lessees and unbilled rental income.
Unbilled rental income consist of unbilled incremental lease rental receivable from Pasir Gudang Specialist Hospital ("KPJ Batu Pahat Specialist Hospital"). The lease rental receivables from KPJ Batu Pahat is incremental by 10% every 3 years from the commencement date up to the term of 30 years. This rental income is recognised on straight-line basis over the lease term of 30 years.
The credit period granted by the Group on rental receivable from lessees ranges from 1 to 7 days.
The ageing analysis of the Group's trade receivables is as follows:
| The Group | ||
|---|---|---|
| As at 31-03-2026 | As at 31-03-2025 | |
| RM'000 | RM'000 | |
| 0-30 days | 5,080 | 2,905 |
| 31-60 days | 2,638 | 1,926 |
| 61-90 days | 389 | 1,547 |
| More than 90 days | 33,039 | 34,562 |
| 41,146 | 40,940 |
Out of the total trade receivables of RM41.1 million, RM31.2 million is related to an Australian property and both parties are in the process of finalising on the settlement of the outstanding rental.
The Group has not recognised any allowance for estimated credit loss as the Group holds tenant deposits as credit enhancement and the amounts are considered recoverable.
B12. ISLAMIC FINANCING
| The Group | ||
|---|---|---|
| As at 31-03-2026 | As at 31-03-2025 | |
| RM'000 | RM'000 | |
| Non-current | ||
| Secured | ||
| Commodity Murabahah Term Financing (“CMTF 3 Tranche 1”) | - | 279,362 |
| Commodity Murabahah Term Financing (“CMTF 3 Tranche 2”) | 299,063 | 298,615 |
| Commodity Murabahah Term Financing (“CMTF 4 - Term Financing-i”) | 71,759 | 71,525 |
| Non-Secured | ||
| Commodity Murabahah Term Financing (“CMTF 5”) | - | 111,519 |
| 370,822 | 761,021 | |
| Current | ||
| Secured | ||
| Commodity Murabahah Term Financing (“CMTF 3 Tranche 1”) | 279,907 | - |
| Non-Secured | ||
| Commodity Murabahah Term Financing (“CMTF 5”) | 359,102 | - |
| 639,009 | - |
On 30 April 2026, Maybank Islamic Berhad and OCBC Al-Amin Bank Berhad granted an extension of the final maturity date for CMTF 3 Tranche 1, amounting to RM280.0 million, from 4 May 2026 by eight months to 31 December 2026.
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B13. OFF BALANCE SHEET FINANCIAL INSTRUMENTS
For the current quarter, the Group does not have any off balance sheet financial instruments.
B14. MATERIAL LITIGATION
There was no material litigation as at the date of the current quarter.
B15. SOFT COMMISSION RECEIVED
There was no soft commission received by the Manager during the current quarter.
B16. SUMMARY OF DPU, EPU AND NAV
| Current Quarter ended 31-03-2026 | Immediate Preceding Quarter ended 31-12-2025 | |
|---|---|---|
| Number of units in issue - units | 839,597,757 | 839,597,757 |
| Earning per unit (EPU) - sen | 2.06 | 0.92 |
| Net income distribution to unitholders - RM'000 | 16,204 | 15,617 |
| Distribution per unit (DPU) - sen | 1.93 | 1.86 |
| Net Asset Value (NAV) - RM'000 | 1,052,149 | 1,049,804 |
| NAV per unit - RM | 1.2532 | 1.2504 |
| Market Value Per Unit - RM | 1.2000 | 1.2800 |
B17. RESPONSIBILITY STATEMENT
This quarterly report was prepared in accordance with MFRS 134 : Interim Financial Reporting and Paragraph 9.44 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad so as to give a true and fair view of the financial position of Al-'Aqar Healthcare REIT as at 31 March 2026 and of its financial performance and cash flows for the period then ended.