KUALA LUMPUR, May 28 — IJM Corporation Bhd’s net profit soared to RM794.89 million for the full financial year ended March 31, 2022 (FY2022), up by 83.2 per cent from RM433.88 million in the preceding year, mainly due to gains from divesting its plantation business.

However, the group’s revenue fell to RM4.41 billion from RM4.69 billion previously.

In a filing with Bursa Malaysia, IJM Corporation reported that its net profit for the fourth quarter of FY2022 (Q4 FY2022) dipped to RM1.47 million from RM186.12 million a year earlier, while revenue fell to RM1.23 billion from RM1.35 billion.

The group declared a single-tier second interim dividend for FY2022 of four sen per share to be paid on July 22, 2022, with ex-date on June 29, 2022.

IJM Corporation chief executive officer and managing director Liew Hau Seng said the group sees encouraging prospects for its construction and industry divisions order book.

"At end-March 2022, we had a healthy outstanding construction order book of RM4.3 billion, providing the group with good earnings visibility over the next few years.

"Furthermore, we registered property sales of RM400 million in the final quarter on the back of encouraging take-up of mid-range properties, taking our full year sales to a record RM2.5 billion,” he said in a separate statement yesterday.

Kuantan Port’s growth potential is encouraging, while the Malaysia-China Kuantan Industrial Park (MCKIP) is in the midst of finalising two new major investors, namely the Bosai Minerals Group and Dongguan Jianhui Paper (Jianhui), which collectively will occupy 600 acres at MCKIP 2 with an initial investment of about RM7 billion.

"Bosai’s first phase, which consists of an alumina and silicon manganese alloy facility, is expected to commence operations in 2024; Jianhui, which is setting up a paper production facility, is expected to commence operations by 2025,” he said.

IJM Corporation is confident that the Kuantan Port will be pivotal as a catalyst to the economic development of the East Coast region, coupled with the government’s commitment to support infrastructure development in the area, predominantly through the East Coast Rail Link project. — Bernama