I-Bhd to carry on raising i-City’s vibrancy

PETALING JAYA: Property group I-Bhd expects its i-City development to exceed projections in the near future as it continues to solidify the project’s position as a notable destination, backed by a steady revenue growth.

Capitalising on the projected economic upturn this year, the group said it will also be focusing on targeted marketing campaigns for its serviced residence, BeCentral.

I-Bhd chairman Tan Sri Lim Kim Hong said the group will bolster its portfolio of investment properties by optimising profit from important elements such as parking lots, corporate towers, data centres and malls.

“Our goal is to create a compelling value proposition for tenants and business partners, benefiting from our billion-dollar investment properties,” Lim said in a statement.

In addition, the property group is looking to boost investment in its leisure and hospitality segment in 2024, with the goal of improving visitor experience and showcasing i-City as a “vibrant destination” for entertainment and leisure.

I-Bhd posted a 5.14% hike in revenue year-on-year (y-o-y) to RM44.42mil for its fourth quarter ended Dec 31, 2023 (4Q23), as compared to RM42.25mil in the corresponding quarter of the previous year.

The group recorded a pre-tax profit of RM7.17mil in 4Q23, with a 14.33% jump from RM6.27mil in the same quarter of the previous year, attributable to the strengthening of i-City’s position as a notable destination for immersive experiences, dining and living.

“The group’s focus on positioning i-City as a vibrant destination has created sustained long-term multiplying effects for its property development, property investment and leisure divisions in the face of a dynamic economic landscape,” Lim said.

I-Bhd ended the year with 46.78% y-o-y growth in revenue to RM175.57mil for FY23 from RM119.62mil in the corresponding period of the preceding year.

The group also posted a pre-tax profit of RM17.33mil and a net profit of RM11.67mil or basic earnings per share of 63 sen for FY23.

Its leisure and hospitality segment contributed the most to revenue and pre-tax profit, followed by its property development segment, property investment segment and others.

As at Dec 31, 2023, I-Bhd’s unbilled sales increased by 30% to RM112.8mil from RM87.3mil in 2022, which the group believes reflects the consistent demand for i-City.

Lim said the group has laid a strong foundation for a thriving city through various business innovation, enhancement and partnership projects last year, resulting in the consistent demand within i-City.

This includes the five-time increase in footfall, which led to more commercial activities and revenue for retail partners.