KUALA LUMPUR, Aug 29 — IOI Properties Group Bhd (IOIPG) saw its net profit soar to RM2.06 billion in the financial year ended June 30, 2024, (FY2024) from RM1.39 billion previously, mainly driven by a fair value gain of RM1.9 billion on investment properties in the fourth quarter.
The gain was partially offset by impairment losses on property, plant, and equipment, as well as inventories written down at IOI Palm International Parkhouse in Xiang An, China, totalling RM338.4 million, the property development and hospitality group said.
Meanwhile, revenue jumped to RM2.94 billion from RM2.59 billion in FY2023 on stronger results across all segments, it said in its statement today.
IOIPG said the property investment segment maintained its stellar performance with a commendable growth of 32 per cent while the hospitality and leisure segment grew by 26 per cent driven by the contributions from Moxy Putrajaya and the newly acquired W Kuala Lumpur hotels.
“We remain committed to enhancing our diverse property offerings across three countries, expanding our well-established property investment portfolio to ensure stable recurring income, and leveraging on the positive outlook of our hospitality and leisure segment.
“These strategic initiatives will provide the group with a solid foundation for sustained earnings ahead,” group chief executive officer Lee Yeow Seng said.
The company declared a dividend of 5.0 sen for FY2024 (FY2023: 5.0 sen).
Lee said in FY2024, its property development segment achieved sales of RM2.14 billion.
Local projects contributed the majority of the sales, amounting to RM1.94 billion or 90 per cent of the total sales.
Overseas projects in China contributed RM186.4 million, amounting to nine per cent of total sales, while Singapore contributed the remaining RM13.8 million, or one per cent.
For the fourth quarter alone, IOIPG’s net profit totalled RM1.55 billion, up from the RM235.37 million in the same period last year.
Revenue rose to RM782.61 million compared to RM666.46 million previously. — Bernama
