KUALA LUMPUR, Aug 28 — IOI Properties Group Bhd posted a higher net profit of RM1.39 billion for its financial year ended June 30, 2023, compared with RM686.73 million posted a year earlier amid improvement in its property investment portfolio.
Revenue for the year was almost flat with RM2.593 billion versus RM2.59 billion a year ago.
“Though revenue in the property development segment has declined by 11%, the contraction is offset by the impressive performance observed in the property investment segment which improved by 35%.”
“On a backdrop of recovering tourism related activities, the hospitality and leisure segment increased 85% against the preceding year,” it said in a statement here, today.
It has declared a dividend of 5.0 sen for 2023 financial year.
For the fourth quarter, however, net profit slipped to RM235.37 million versus RM292.48 in the preceding year’s corresponding quarter. Revenue was also lower at RM666.46 million against RM715.94 million.
For financial year 2023, IOI Properties said the property development segment achieved sales with contracts exchanged of RM1.96 billion. Local projects contributed RM1.67 billion, which is 85% of the total sales, while overseas projects from China and Singapore contributed the remaining 15% at RM290.4 million.
In Malaysia, the sales secured were largely from the Klang Valley region at RM854.1 million, led by its integrated development at IOI Resort City in Putrajaya and its matured township at Bandar Puteri Puchong in Selangor.
Johor continues to outperform with a sales contribution of RM772.0 million.
For the 2024 financial year, the property developer said it has planned a versatile range of product offerings spread across its established townships. Mid-priced residential and commercial units will be launched in 16 Sierra, Bandar Puteri Puchong, Bandar Puchong Jaya, Warisan Puteri, Bandar Puteri Bangi and industrial lots will be offered in the rebranded IOI Industrial Park at Banting in the Klang Valley.
“Over in Johor, capitalising on the strong demand, launches will be focused in Bandar Putra Kulai followed by launches at the townships of Bandar IOI Segamat, Taman Kempas Utama and our industrial park at iSynergy in Senai.”
— Bernama
