I-Bhd's 2Q net profit more than doubles on stronger contributions across all businesses

• Net profit came in at RM11.45 million, up 110% from RM5.45 million a year ago. Earnings per share for 2QFY2025 surged to 0.62 sen from 0.29 sen a year earlier, its bourse filing showed on Thursday.

KUALA LUMPUR (Aug 14): Property developer I-Bhd (KL:IBHD) more than doubled its net profit in the second quarter ended June 30, 2025 (2QFY2025), driven by stronger contributions across all business segments, namely leisure and hospitality, property development, and property investment.

Net profit came in at RM11.45 million, up 110% from RM5.45 million a year ago. Earnings per share for 2QFY2025 surged to 0.62 sen from 0.29 sen a year earlier, its bourse filing showed on Thursday.

Revenue for the quarter rose 12% to RM62.3 million from RM55.53 million in 2QFY2024.

No dividend was declared during the quarter under review.

In a statement on Thursday, I-Bhd said the leisure and hospitality segment remained the largest revenue generator for the second consecutive quarter, contributing RM28.6 million in revenue and RM4.77 million in profit before tax (PBT). Key drivers included WynSnow at Wyndham Suites KLCC and strong performances from the DoubleTree by Hilton i-City and Wyndham Garden i-City hotels, supported by increased foot traffic during the Hari Raya and school holiday periods.

The property development segment delivered RM26.64 million in revenue for 2QFY2025, up 14.3% from RM23.31 million a year earlier. The segment posted a PBT of RM5.66 million, nearly 10 times higher than the RM621,000 booked a year ago. The improved performance was driven by steady sales and construction progress at BeCentral Residences Towers 1 & 2.

As of June 30, 2025, the group’s unbilled sales stood at RM90.36 million.

The property investment segment continued to provide stable returns, contributing RM6.45 million in revenue and RM4.79 million in PBT. Performance was supported by high occupancy and yield optimisation at Mercu Maybank and Central i-City Mall, alongside higher car park revenue and evolving tenant strategies.

For the first half of FY2025 (1HFY2025), I-Bhd's net profit saw a more than twofold jump to RM21.41 million from RM9.52 million a year earlier, as revenue expanded 29.32% to RM124.35 million from RM96.16 million during the same period.

I-Bhd executive chairman Tan Sri Lim Kim Hong said the latest quarter's results reflect the group's continued discipline in building a resilient, recurring income base while executing on its longer-term roadmap to elevate i-City as Malaysia's leading smart lifestyle destination.

“Each segment is delivering as intended—whether through stability, growth, or innovation—and this balanced approach gives us the agility to navigate evolving market dynamics,” said Lim in the statement.

To accelerate its vision for i-City as a hub for AI and Robotics, the group is collaborating with Agibot, one of China's foremost robotics innovators, backed by Tencent, LG, and JD.com.

"This AI and Robotics strategy isn't just about enhancing what we have. It is about creating what is next. Through embodied AI systems and strategic partnerships, I-Bhd is unlocking new growth pathways and positioning itself at the forefront of the industries being reshaped by intelligent automation," said Lim.

The group said it has commenced a RM10 million AI and smart automation programme, now being deployed across its income-generating assets. Integrated through the proprietary iCity SuperApp and supported by global tech partnerships, this initiative will enable predictive maintenance, optimise energy and visitor flow, and elevate tenant and customer experiences.

At the midday break on Thursday, shares of I-Bhd gained half a sen or 2.08% higher to close at 24.5 sen, valuing the group at RM455 million.

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