IOI Properties 3Q net profit rises to RM220.21mil

KUALA LUMPUR: IOI Properties Bhd’s net profit for the third quarter ended March 31, 2024, rose to RM220.21 million versus RM115.37 million recorded in the same period last year.

Revenue jumped to RM902.19 million from RM564.66 million previously, the group said in a filing with Bursa Malaysia today.

The better financial performance is attributed to improved performance in its property development, and property investment segments, it said.

"Looking ahead, the group’s property development segment in Klang Valley is poised to improve with a strong pipeline of launches while our projects in Johor are well-positioned to capitalise on the proposed Johor-Singapore Special Economic Zone and the Rapid Transit System link that is taking shape.

"Complementing the property development segment, the recurring income from established property investment portfolios and improving prospects for the hospitality and leisure segment will provide the group with a strong foundation for sustained earnings ahead,” it said. -- Bernama

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