IOI Properties achieves RM587mil property sales in 1Q24

KUALA LUMPUR: IOI Properties Group Bhd registered RM587mil in property development sales in the first quarter of its financial year ending June 30, 2024 (1Q24).

The developer said local projects contributed RM572.6mil, which is 98% of the total sales, while overseas projects in China contributed RM14.4mil, or the remaining 2%.

In Malaysia, the sales secured were largely from the Johor region at RM400.5mil, led by the sales of agriculture land at Kulai while established townships at Bandar Putra Kulai and Taman Kempas Utama continued to outperform.

Over in Klang Valley region, IOI Properties said the on-going projects registered sales of RM163.1mil led by the established township at Bandar Puteri Puchong in Selangor and its integrated development at IOI Resort City in Putrajaya. RM1.13bil worth of properties were launched during the period.

“In addition to strategically timing our launches to obtain a good take-up rate, IOI Properties remains focused on reducing the inventories further with promotional sales campaign such as IOI Buy with Tenant Program 2.0,” group chief executive officer Lee Yeow Seng said in a statement.

IOI Properties’ net profit tumbled 72.7% to RM174.4mil, or earnings per share of 3.17 sen in 1Q24 against RM640.3mil, or 11.63 sen in the same corresponding quarter last year.

Revenue for the quarter dipped 6.3% to RM648mil from RM691.5mil a year ago.

“We take cognisant that the operating environment both within and outside Malaysia will continue to face some headwinds. However, our wide property product offerings diversified across three countries, recurring earnings from established property investment portfolios and improving prospects for the hospitality and leisure segment will provide the group with a strong foundation for sustained earnings ahead,” Lee said.

Source: The Star