IGB Commercial REIT (XKLS:5299) Operating Income: RM139.5 Mil (TTM As of Mar. 2026)

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XKLS:5299 IGB Commercial REIT XKLS:5299
35 GF Score
Price RM0.61
GF Value RM0.63
Valuation Fairly Valued
! 7 Warning Signs
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What is IGB Commercial REIT Operating Income?

IGB Commercial REIT XKLS:5299 35 Operating Income is RM139.5 Mil as of Mar. 2026. GuruFocus rates XKLS:5299 with a GF Score™ of 35/100 and a GF Value™ of RM0.63 (Fairly Valued). The stock has 7 warning signs investors should review.

IGB Commercial REIT's Operating Income for the three months ended in Mar. 2026 was RM39.1 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was RM139.5 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. IGB Commercial REIT's Operating Income for the three months ended in Mar. 2026 was RM39.1 Mil. IGB Commercial REIT's Revenue for the three months ended in Mar. 2026 was RM68.9 Mil. Therefore, IGB Commercial REIT's Operating Margin % for the quarter that ended in Mar. 2026 was 56.84%.

IGB Commercial REIT's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. IGB Commercial REIT's annualized ROC % for the quarter that ended in Mar. 2026 was 4.69%. IGB Commercial REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was %.


IGB Commercial REIT  (XKLS:5299) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

IGB Commercial REIT's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=156.552 * ( 1 - 0% )/( (3390.456 + 3283.677)/ 2 )
=156.552/3337.0665
=4.69 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3345.698 - 30.073 - ( 75.575 - max(0, 176.849 - 102.018+75.575))
=3390.456

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3352.477 - 139.016 - ( 92.474 - max(0, 179.013 - 108.797+92.474))
=3283.677

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

IGB Commercial REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=149.504/( ( (0 + max(-119.529, 0)) + (0 + max(-122.693, 0)) )/ 2 )
=149.504/( ( 0 + 0 )/ 2 )
=149.504/0
= %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2.478 + 0 + 23.118) - (30.073 + 0 + 115.052)
=-119.529

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(16.323 + 0 + 0) - (139.016 + 0 + 2.8421709430404E-14)
=-122.693

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

IGB Commercial REIT's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=39.138/68.86
=56.84 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


IGB Commercial REIT Operating Income Related Terms


IGB Commercial REIT Operating Income Historical Data

* Premium members only.

The historical data trend for IGB Commercial REIT's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

IGB Commercial REIT Operating Income Chart

IGB Commercial REIT Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial 0.00 97.17 110.37 112.75 134.05

IGB Commercial REIT Quarterly Data
Mar21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 33.64 33.38 33.03 33.99 39.14
XKLS:5299
35GF Score
IGB Commercial REIT XKLS:5299
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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IGB Commercial REIT Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was RM139.5 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of RM139.5 Mil mean?
IGB Commercial REIT (XKLS:5299) has a Operating Income of RM139.5 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on IGB Commercial REIT and its competitors.
Is IGB Commercial REIT's Operating Income too high?
IGB Commercial REIT's current Operating Income is RM139.5 Mil. Overall, IGB Commercial REIT has a GF Score™ of 35/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does IGB Commercial REIT's Operating Income compare to BXP and ARE?
IGB Commercial REIT's Operating Income of RM139.5 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a REITs company?
A good Operating Income depends on the REITs industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on IGB Commercial REIT and its competitors. IGB Commercial REIT's current Operating Income is RM139.5 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IGB Commercial REIT stock overvalued right now?
Based on GuruFocus' analysis, IGB Commercial REIT (XKLS:5299) is currently considered Fairly Valued. The stock's GF Value™ is RM0.63, compared to a current price of RM0.61 — trading 4% below its estimated fair value. The current Operating Income is RM139.5 Mil. IGB Commercial REIT's overall GF Score™ is 35/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For IGB Commercial REIT (XKLS:5299), the current Operating Income is RM139.5 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is IGB Commercial REIT (XKLS:5299) Overvalued in 2026?

Based on GuruFocus' analysis, IGB Commercial REIT stock appears to be undervalued. The current stock price of RM0.61 is trading 4% below its estimated GF Value™ of RM0.63. GuruFocus considers IGB Commercial REIT to be Fairly Valued.

Key valuation signals for XKLS:5299:

  • Operating Income: RM139.5 Mil
  • GF Value™: RM0.63 vs. price of RM0.61 (4% below fair value)
  • GF Score™: 35/100 with 7 warning signs

No single metric tells the full story. See the XKLS:5299 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


IGB Commercial REIT Business Description

Industry Real EstateREITs
Address Lingkaran Syed Putra, Level 32, The Gardens South Tower, Mid Valley City, Kuala Lumpur, SGR, MYS, 59200
IGB Commercial REIT is established to provide unitholders with regular and stable distributions, sustainable long-term unit price and distributable income and capital growth, and maintaining an appropriate capital structure, by investing directly and indirectly in a portfolio of income-producing real estate used predominantly for commercial purposes in Malaysia and overseas. The trust's investment portfolio mainly comprises commercial properties with office and retail spaces, and includes the Gardens South Tower, Centrepoint North, The Gardens North Tower, and other properties.
35GF Score

Get the complete analysis for XKLS:5299

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

RM0.61
Price
RM0.63
GF Value