JCorp’s FY2023 profit up 9% to RM2.4b on revenue of RM6.2b

• JCorp said it was capitalising on the growing data centre and renewable energy sectors in Johor, actively pursuing opportunities across the value chain through its subsidiary, JLand Group.

KUALA LUMPUR (July 23): Johor Corporation (JCorp) posted a 9% growth in gross profit of RM2.4 billion on the back of an 8% rise in revenue to RM6.2 billion for the fiscal year ended 2023 (FY2023).

In a statement on Tuesday, the group said its total net assets surpassed RM10.8 billion.

JCorp said its wellness & healthcare segment posted a 17% revenue jump to RM3.4 billion and a record net profit of RM270 million.

It said this is a testament to KPJ Healthcare’s initiatives to continuously upgrade and improve its services.

Meanwhile, it said the real estate & infrastructure division achieved commendable results, driven by strategic land sales and robust demand for its premium developments.

JCorp said it was capitalising on the growing data centre and renewable energy sectors in Johor, actively pursuing opportunities across the value chain through its subsidiary, JLand Group.

The group said its food & restaurant segment faced significant headwinds in the last three months of FY2023, with revenue declining due to the escalating conflict in Gaza.

It said this sharp downturn erased the gains made earlier in the year, resulting in an overall 1% growth in revenue for a total of RM4.9 billion.

The conflict severely impacted consumer sentiment and spending, said JCorp.

JCorp president & chief executive Datuk Syed Mohamed Syed Ibrahim said the strategic plan implemented in 2020 remains a work in progress, and the group was on track with its growth plan to realise targeted outcomes.

“We are exploring new verticals, while optimising returns from current investments and executing several strategic initiatives to future-proof the organisation in generating sustainable income, with an emphasis on innovation and leveraging digital technologies,” he said.

On its outlook, Syed Mohamed highlighted JCorp’s commitment to Johor’s continued growth and development.

“With major infrastructure projects like the Rapid Transit System (RTS) linking Johor Bahru to Singapore and the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ), the region is poised for significant economic expansion.

“JCorp is well-positioned to play a key role in this growth, leveraging its diverse portfolio and industry expertise to contribute to the state’s economic advancement,” he said.

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