Property News

I-Bhd’s profit more than doubles in 1QFY2025

Revenue for the quarter jumped 52.74% to RM62.06 million from RM40.63 million a year ago, according to its filing with Bursa Malaysia. No dividend was declared for the current quarter.

KUALA LUMPUR (May 7): Property developer I-Bhd (KL:IBHD) reported that its net profit more than doubled in the first quarter of FY2025 from a year earlier, driven by higher contributions from its property development and property investment segments.

Net profit for the three months ended March 31, 2025 (1QFY2025) was RM9.96 million, compared with RM4.07 million in the same quarter a year earlier, the i-City township developer said in an exchange filing. Earnings per share rose to 0.54 sen from 0.22 sen.

Revenue for the quarter jumped 52.74% to RM62.06 million from RM40.63 million a year ago, according to its filing with Bursa Malaysia.

No dividend was declared for the current quarter.

During the quarter under review, the property development segment saw a turnaround, driven by strong progress in BeCentral Towers 1 and 2, while the property investment segment benefited from high occupancy at Mercu Maybank and Central i-City Mall.

Moving forward, the company expects WynSnow to complement Wyndham Suites KLCC, serving as a long-term revenue driver for its leisure and hospitality segment.

Meanwhile, the Wyndham Garden Hotel in i-City, which was rebranded and repositioned in late FY2024, is expected to uplift revenue through yield management strategies and improved average daily rates (ADR), reinforcing its contribution to the group’s recurring income stream.

Overall, the company expects its leisure and hospitality segment to improve in the second quarter, driven by increased domestic tourism during school holidays and ongoing yield optimisation efforts across its hotel and attraction portfolio, particularly as Visit Selangor 2025 and Visit Malaysia 2026 activities gain momentum.

I-Bhd anticipates continued positive momentum in its property investment segment, supported by active lease renewals and strong tenant demand for prime, strategically located assets.

As at end-March, the group’s unbilled sales were RM89.2 million, providing earnings visibility into the quarters ahead, the company noted.

With RM5 billion in remaining gross development value at i-City, the group will time future launches to maximise value and align with market conditions, the company added.

“Looking ahead, the group remains focused on asset optimisation, operational excellence, and capital efficiency. Anchored by a strategic plan to grow its property development pipeline and increase contributions from its expanding property investment portfolio, recurring revenue is set to form a larger share of total earnings,” the company said.

At the midday break, shares of I-Bhd closed half a sen or 2.3% higher at 22.5 sen on Wednesday, valuing the group at RM417.9 million. The counter has declined 10% so far this year.

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Source: EdgeProp.my