IOI Properties Group Q4 net profit higher at RM292.48m

KUALA LUMPUR, Aug 22 — IOI Properties Group Bhd’s full-year net profit increased to RM686.74 million for financial year ended June 30, 2022 (FY2022) from RM660.21 million, previously.

Revenue was higher by four per cent, or RM101.72 million, to RM2.59 billion versus RM2.49 billion previously, mainly supported by the commencement of recurring lease income from IOI Mall, Xiamen and a strong recovery in Malaysia’s mall operations, hospitality and leisure sectors, a filing with Bursa Malaysia said.

On a quarterly basis, its fourth quarter (Q4 FY2022) net profit was RM292.48 million versus 118.37 million a year ago. Revenue for the current quarter under review was RM715.94 million against 658.65 million a year ago.

“We continue to see strong recovery in the retail and hospitality segments in Malaysia since the full withdrawal of movement restrictions which augurs well for the group.

“The group is expecting higher recurring lease income from the opening of IOI City Mall phase 2 scheduled for end-August 2022 as it sets to be the largest mall in Malaysia with a net lettable area of 2.5 million square feet.

“Along with the addition of more than 300 retail outlets, IOI City Mall will have over 700 retail outlets in total,” the filing said.

The group is poised to meet increase in international and domestic tourism with the refurbishment of two hotels, Putrajaya Marriott Hotel and Palm Garden Hotel, Putrajaya.

The board said the operating environment within and outside Malaysia continues to face substantial headwinds in financial year 2023 but its on-going projects and new planned launches will provide it with a strong foundation for earnings sustainability.

No dividend was recommended for the current quarter ended June 30, 2022. — Bernama

Source: Malay Mail