IJM expects better results in FY24

IJM Corp Bhd CEO and managing director Lee Chun Fai

KUALA LUMPUR: IJM Corp Bhd expects a better year in the financial year ending March 31, 2024 (FY24) as it expects improvement in all its business divisions.

“With the pandemic and labour supply constraints largely behind us, we are optimistic of more construction job prospects entering the market, including the sizeable MRT 3 project, and opportunities in the industrial property sector. Leveraging IJM’s track record and robust balance sheet, we are in a prime position to expand our outstanding order book, which currently stands at RM4.5bil,” CEO and managing director Lee Chun Fai said in a statement.

With an unbilled sales of about RM3bil, IJM said its property division is expected to continue to deliver a strong performance in the coming financial year.

It also expects the industry division to maintain its performance based on its strong order book.

“The traffic volumes of the local toll operations have recovered to pre-pandemic levels and are expected to continue contributing positively to the group. Traffic volume for its overseas toll is expected to improve as tolling of Solapur Bijapur Highway only commenced in December 2021.

“The performance of the port operations is expected to improve in tandem with the tariff increase beginning April 2023,” IJM said.

In the fourth quarter ended March 31, IJM net profit surged to RM23.05mil from RM1.5mil a year ago.

Its revenue rose to RM1.32bil from RM1.23bil last year while earnings per share improved to 0.66 sen against 0.04 sen previously.

For the full financial year, it posted a net profit of RM158.3mil on revenue of RM4.6bil.

IJM has declared a single tier second interim dividend and special dividend in respect of FY23 of 4 sen and 2 sen respectively per share to be paid on July 21.

Coupled with the single-tier first interim dividend of 2 sen per share declared in 2QFY23, the total dividend declared for FY23 amounted to 8 sen per share.

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