IOIProp Q3 net profit up to RM115mil

PETALING JAYA: IOI Properties Bhd (IOIProp) has recorded sales with contracts exchanged of RM1.37bil for in the first nine months of financial year ending June 30, 2023 (FY23).

"Local projects contributed RM1.14bil, which is 83% of the total sales while overseas projects from China and Singapore contributed RM226.5mil or 17% of the total sales," the developer said in a statement yesterday.

In Malaysia, the sales secured were largely in the Klang Valley at RM645.6mil, led by its integrated development at IOI Resort City in Putrajaya with RM164.6mil and township at Bandar Puteri Puchong, Selangor with RM137.5mil of sales. Johor contributed sales of RM457.4mil.

For the third quarter ended March 31, 2023 (3Q23), IOIProp’s net profit jumped 93.2% year-on-year to RM115.4mil or earnings per share of 2.10 sen despite revenue falling to RM564.7mil from RM737.8mil in 3Q22.

For the nine months to March 31, the developer posted a net profit RM1.16bil on revenue of RM1.93bil.

"The group will continue to enhance its developments and focus on offering mid-priced residential units, targeting owner-occupiers who are less sensitive to overnight policy rate hike," said chief executive officer Datuk Voon Tin Yow.

Source: The Star