IOI Properties Group revenue up to RM1.93b for first nine months of 2023 financial year

KUALA LUMPUR, May 27 — IOI Properties Group Berhad recorded a marginal increase of 3 per cent in revenue to RM1.93 billion for the nine months of financial year 2023 (9M FY2023) which ended on March 31, 2023 compared to the RM1.87 billion revenue recorded a year earlier.

In a statement, the group said that although revenue in the property development segment had declined by 10 per cent, the contraction was offset by the performance of the property investment segment which improved by 44 per cent and the hospitality and leisure segment which gained 126 per cent against the preceding year corresponding period.

With the property development segment remaining as the group’s biggest contributor, the profit before tax (PBT) for 9M FY2023 surged 86 per cent to RM1.32 billion from RM708.7million.

In Malaysia, the bulk of sales were concentrated largely in the Klang Valley at RM645.6 million, as led by IOI Resort City in Putrajaya with RM164.6 million and a township at Bandar Puteri Puchong, Selangor with RM137.5 million of sales.

Johor contributed sales of RM457.4 million, led by the established township at Bandar Putra Kulai with RM280.5 million and the vibrant township at Taman Kempas Utama with RM75.4 million of sales.

"We are delighted with the resilient effort of Team IOI in achieving commendable results over the nine months of FY2023. We take cognisant that the operating environment both within and outside Malaysia will continue to face some headwinds."

"However, our wide product offerings from property development segment, recurring earnings from established property investment portfolios and improving prospects for the tourism sector will provide the group with a strong foundation to assure sustained earnings ahead," said Lee Yeow Seng, Executive Vice Chairman of IOIPG, in the statement.

Source: Malay Mail