KUALA LUMPUR: Property group I-Bhd
, with unbilled sales of RM90mil as of June 2024, sees continued robust demand for its i-City properties.
“This solid foundation, combined with our strategic initiatives and market insights, positions I-Bhd well for continued growth and success.
“Looking forward, we remain committed to our vision of making i-City a symbol of innovation, quality, and success. By exceeding expectations and setting new standards of excellence in urban development, we are confident in our ability to create lasting value for our stakeholders and ensure a prosperous future for i-City,” I-Bhd said in the notes accompanying its financial results.
In the second quarter ended June 30, I-Bhd’s net profit surged to RM5.4mil, or earnings per share of 0.29 sen compared with RM1.8mil, or 0.10 sen in the same quarter last year.
Revenue for the quarter rose 32.7% to RM55.5mil against RM41.8mil a year ago.
In the first six months, the master developer of i-City posted a net profit of RM9.5mil, up 282% from RM2.5mil while revenue grew 11.4% to RM96.2mil against RM86.3mil last year.
“I-Bhd continues to demonstrate an upward trajectory and strong financial stability, positioning the company well for sustained growth. Our strategic investments and long-term vision underline our commitment to creating value for our shareholders and stakeholders.
“The anticipated growth driven by i-City, is set to reach fruition, reinforcing our market leadership and enhancing our competitive edge in mixed development,” I-Bhd said in a separate statement.
Meanwhile, I-Bhd has also issued a circular for an EGM to be held later today to discuss a resolution to strengthen its financial reserves for the next phase of growth through a RM100mil financial backing by major shareholder, Tan Sri Lim Kim Hong.
The proposal involves raising up to RM100mil via the issuance of redeemable preference shares (RPS) with a 3% dividend rate, to by Lim.
