FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 111 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 21 INVESTMENT PROPERTIES (CONTINUED) The following amounts have been recognised in profit or loss: Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Rental income from investment properties 8,077 7,614 402 295 Direct operating expenses arising from investment properties that generate rental income (1,598) (1,170) (12) (42) Direct operating expenses arising from investment properties that did not generate rental income - - (45) (44) The fair value of the investment properties above as at 31 December 2023 is estimated at RM252,160,000 (2022: RM248,032,000) for the Group and RM20,000,000 (2022: RM19,358,000) for the Company based on independent valuations carried out by registered professional valuers using the comparison method by reference to recent transactions involving other similar properties in the vicinity. The valuation is a Level 2 fair value estimation. Leasing arrangements – Group and Company as a lessor The investment properties are leased to tenants under operating leases. The Group and the Company are not exposed to any variable lease considerations under the arrangements.
RkJQdWJsaXNoZXIy NDgzMzc=