Mapletree records $1.2b net profit in FY2023

Its earnings stood at $779.7m.

Mapletree Investments (Mapletree) sustained a $1.2b net profit for FY2023 ended 31 March. The company also reported a $2.9b revenue in the same period.

Mapletree attributed its improved operational performance to the gradual recovery from the COVID-19 pandemic and the higher contributions from its Mapletree Pan Asia Commercial Trust.

Its diversified portfolio skewed towards logistics and data centre sectors, and prudent hedging practices helped to underpin its resilience in the face of economic headwinds and market volatility, the company said in its SGX filing.

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"We continue to focus on strengthening the overall performance of our assets to maintain the competitiveness of our portfolio, investing in resilient asset classes with long-term growth potential, and strengthening our balance sheet through our capital management initiatives," said Hiew Yoon Khong, Mapletree Group CEO.

Meanwhile, Mapletree said its recurring earnings stood at $779.7m in FY23. 

Its total assets under management (AUM) held steady at $77.4b due to the strong Singapore Dollar, whilst managed AUM increased by 2.9% to $60.2b as it continued to deliver on its active capital management strategy with the launch of Mapletree China Logistics Investment Private Fund and an India private fund.

As of 31 March, the company's cash reserves and committed undrawn facilities remain "strong" at $14.2b, and shareholders' funds increased to $19.9b.