Prolintas Infra Business Trust off to a strong start in 2024

FMT Business 

PETALING JAYA: Prolintas Infra Business Trust achieved 99% of the forecasted revenue for its first quarter ended March 31, 2024 (Q1 FY2024), recording a total revenue of RM76.5 million.

Malaysia’s first Islamic business trust recorded profit after tax (PAT) of RM2.1 million for the quarter.

In a statement today by Prolintas Managers Sdn Bhd, the trustee manager, it said the steady revenue performance was primarily due to a rise in overall traffic volume.

As of Q1 FY2024, the trust recorded total toll collection of RM75.4 million while various non-toll revenue streams contributed a total of RM0.4 million.

Sistem Lingkaran Lebuhraya Kajang (SILK) highway generated the highest collection, contributing 45% of the total toll collection (RM33.8 million) followed by Guthrie Corridor Expressway (GCE) with 29% (RM21.9 million).

Lebuhraya Kemuning-Shah Alam (LKSA) and Ampang-Kuala Lumpur Elevated Highway (Akleh) contributed 14% (RM10.8 million) and 12% (RM8.8 million) respectively for the quarter.

The trust registered a profit from operations of RM41.5 million in Q1, after accounting for all operating expenses.

Prolintas Managers CEO Malik Parvez Ahmad Nazir Ahmad expressed a positive outlook on the trust’s prospects moving forward.

“The revenue performance indicates the trust is on track with its distribution policy, achieving a distributable amount of RM16.7 million as of Q1 FY2024. We aim to pay out at least 90% of the distributable amount to unitholders annually,” he said.

Prolintas Infra BT is Malaysia’s first listed Islamic business trust on Bursa Malaysia, comprising four highway assets namely, Akleh, GCE, LKSA, and SILK. It debuted on Bursa’s Main Market on March 24 this year.

Read full article here : Free Malaysia Today