PETALING JAYA: IJM Corp Bhd
is well positioned for an improved operational performance next year as it gears up for Malaysia’s economic growth.
In a filing with Bursa Malaysia, the property developer said it expects a more resilient outlook across all its segments, including its construction division, which currently has a strong order book of RM6.4bil alongside more job wins for the remainder of the financial year.
IJM said the property market is buoyant, supported by a positive economic outlook and strong consumer sentiment.
“The segment will continue growing its business through value creation, innovation and product differentiation. Barring the unfavourable foreign exchange effects, the property division is well-positioned to deliver a satisfactory performance for the current financial year on the back of its unbilled sales of about RM2bil,” the group said.
In addition to that, the industry segment is poised to deliver another strong year ahead on the back of its steady orders, while the toll segment will continue to bring in recurrent revenue from its existing mature concessions.
Meanwhile, for the second quarter ended Sept 30, 2024, the group posted a higher revenue of RM1.52bil compared to RM1.46bil in the same quarter last year.
However, its net profit dropped to RM74.21mil for the quarter under review compared to RM93.69mil a year ago, translating to earnings per share of 2.12 sen versus 2.67 sen previously.
For 6MFY25, IJM Corp’s net profit dropped to RM161.09mil from RM194.33mil in the previous corresponding period, while revenue rose to RM2.9bil from RM2.68bil a year earlier.
IJM said the lower profit was owing to the higher unrealised foreign exchange losses of RM70mil and RM72.5mil recorded in 2QFY25 and 6MFY25 respectively.
“In addition, IJM Corp also recognised a fair value gain of RM1.3mil and a fair value loss on WCE Holdings Bhd (WCEHB) warrants of RM18.6mil in 2Q FY2025 and 6MFY25 respectively,” it noted.
