KUALA LUMPUR: Following earnings jump in its third-quarter performance, I-Berhad
remains optimistic of sustained growth momentum ahead.
“The group has reviewed its real estate investment strategy since the pandemic setback a few years ago and the results of the past nine months is a testament of our strategic efforts to reinvent ourselves in the post-pandemic era,” said chairman Tan Sri Lim Kim Hong in a statement.
In 3QFY24, I-Berhad posted a net profit of RM12.94mil, about 2.5 times the net profit of RM5.51mil in the year-ago quarter, representing a jump in earnings per share to 0.7 sen from 0.3 sen previously.
The property developer reported revenue of RM61.91mil, up from RM44.84mil in the year-ago quarter.
For the nine-months period, the group recorded a net profit of RM22.46mil on revenue of RM158.07mil, which compares to net profit of RM8.01mil and revenue of RM131.15mil in 9MFY23.
According to Lim, the significant performance improvement can be attributed to I-Berhad’s innovative approach “to extracting value from the land".
He said the group is moving towards extracting value from land through a combination of technology and leisure activities.
“By building up our leisure and investment property portfolio involving investments that intersect both sectors, we hope to establish a strong recurring income stream for I-Berhad.
"We believe this will provide I-Berhad with a unique real estate investment proposition,” Lim added.
