I-Bhd confident of sustaining growth after 3Q profit more than doubles to RM13m

• Revenue was up 20.53% to RM158.07 million from RM131.15 million a year ago.

KUALA LUMPUR (Nov 19): Property developer I-Bhd (KL:IBHD) said on Monday that its net profit more than doubled in the third quarter from a year earlier, thanks to higher contributions across all business segments — property development, property investment as well as leisure and hospitality.

Net profit for the three months ended Sept 30, 2024 (3QFY2024) was RM12.94 million, compared with RM5.51 million in the same quarter a year earlier, the i-City township developer said in an exchange filing. Earnings per share rose to 0.7 sen from 0.3 sen.

Revenue for the quarter jumped 38.06% to RM61.91 million — highest since 2QFY2018 — from RM44.84 million a year ago. No dividend was declared for the current quarter.

For the cumulative nine months ended Sept 30, 2024 (9MFY2024), the group's net profit was also more than doubled to RM22.46 million from RM8 million in the same period last year, mainly driven by the leisure and hospitality segment. Revenue was up 20.53% to RM158.07 million from RM131.15 million a year ago.

As at end-September, the group's unbilled sales were RM93.3 million, driven by the stable pipeline of future revenue from its property development segment.  

“The positive upswing was partly due to the improved performance at DoubleTree by Hilton i-City Hotel and increased footfall at the theme park in i-City, Malaysia's number one digital city, following the opening of new attractions over the past year,” I-Bhd chairman Tan Sri Lim Kim Hong said.

Following the improved earnings in the latest quarter, Lim said he remains optimistic that the group will continue to see sustained growth momentum ahead.

“By building up our leisure and investment property portfolio involving investments that intersect both sectors, we hope to establish a strong recurring income stream for I-Bhd. We believe this will provide I-Bhd with a unique real estate investment proposition,” Lim said.

The group is expecting further growth in the leisure and hospitality segment as it continues to position Wyndham Suites KLCC as a leader in the family playcation space while looking forward to the upcoming launch of its 24,500 sq ft WynSports at Wyndham Suites KLCC to enhance the hotel’s play offerings.

“Extracting value from the land by creating technology-driven leisure activities has proven to not only boost its recurring revenue stream but also has positive spillover benefits on its property development and investment properties segments,” he added.

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!