ARA Asset Management has announced a record net profit of $48.3 million for the full year ended 31 December 2009 (FY2009), a 32% increase from the previous record of $36.7 million achieved in FY2008.

ARA Asset Management’s board has proposed a final cash dividend of 2.5 cents per share for FY2009 and a bonus issue of up to 116,412,000 new shares at 0.2 cents each on the basis of one bonus share for every five existing shares held.

Despite challenging economic conditions in FY2009, ARA Asset Management says recurrent management fees registered a 4% increase to $67.1 million. Acquisition and performance fees climbed 553% to $7.5 million on the back of fees received in relation to the establishment of the ARA Harmony Fund on Sept 30 2009 and Fortune REIT’s acquisition of three retail properties in Hong Kong which was completed on Oct 15 2009.

Other income soared 165% to $11.7 million primarily from higher distribution income from the group’s financial assets and gains from the disposal of REIT units received as part payment of REIT management fees. All in, total revenue for the year rose by a commendable 23% to $86.3 million.

As at Dec 31 2009, the group’s assets under management stood at $13.5 billion.