IOI Properties Delivers Sterling Performance As Q1 Profits Surge Threefold To RM689.7 Million

IOI Properties Group reported its Q1 financial performance with a revenue of RM691.5 million which is a 60% increase compared to the preceding year’s corresponding quarter of Q1 FY2022. The group attributed the better performance across all its business segments, particularly the hospitality and leisure segment which saw a sterling recovery of more than 400% in revenue.

Profit before tax was recorded at RM689.7 million following recognition of fair value gain of RM470.4 million arising from the completion of IOI City Mall Phase 2 and a strong turnaround of hospitality and leisure and property investment segments.

In the property development segment, the Group achieved a revenue of RM529.9 million, which is a 46% increase compared to the preceding year corresponding quarter. This was attributable to higher sales contributions from Malaysia operations despite the property industry being impacted by inflationary pressures and global supply chain disruptions.

The Group’s property investment segment’s revenue rose to RM110.1 million which is an improvement of 86% in performance compared to the preceding year corresponding quarter. This substantial increase in financial performance was mainly due to the low base effect recorded in Q1 FY2022 and partially contributed by the commencement of recurring leasing income from IOI City Mall Phase 2 following its business commencement on 25 August 2022.

“IOIPG has continued to deliver resilient results despite the challenges. I am confident that we are on the right track to achieving our targets in FY2023 as our business segments are well positioned for sustained growth,” said Dato’ Voon Tin Yow, Chief Executive Officer of IOIPG.

Source: Business Today