KUALA LUMPUR: I-Bhd
is actively unlocking value from its land, transforming it into a sustainable, high-growth ecosystem of commercial, retail, and hospitality assets.
“We are no longer just building properties—we are actively unlocking value from our land, turning it into a sustainable, high-growth ecosystem of commercial, retail, and hospitality assets.
“As these assets continue to mature, our recurring income base will expand further, reinforcing I-Bhd’s evolution into a resilient, asset-driven investment entity,” the developer said in the notes accompanying its financial results.
The group reported a 65.5% higher net profit of RM6.6mil, or 0.36 sen, in the fourth quarter ended Dec 31, 2024, compared with RM4mil, or 0.21 sen, in the previous year.
Revenue for the quarter rose 44.3% to RM64.1mil against RM44.4mil achieved in the year-ago quarter.
For the full financial year ended Dec 31, 2024 (FY24), I-Bhd’s net profit more than doubled to RM29mil from RM12mil, while revenue rose 26.5% to RM222.2mil from RM175.6mil.
I-Bhd attributed the improved earnings to its leisure and hospitality segment, which became the group’s top earnings driver.
The segment’s profit before tax (PBT) surged 132% to RM20.9mil, more than doubling from RM9mil in FY23. This growth was driven by higher hotel occupancy, particularly at the five-star DoubleTree by Hilton i-City, Wyndham Suites KLCC, and Wyndham Garden i-City (formerly Best Western i-City).
“The explosive growth in our leisure & hospitality segment underscores our strategy of extracting long-term value from our assets, rather than relying solely on one-off property sales.”
“With 5-million annual footfall in i-City, the Group sees further expansion opportunities in the Leisure & Hospitality segment, especially in the family vacation space,” I-Bhd chairman Tan Sri Lim Kim Hong said in a separate statement.
On the property development front, sales momentum remained solid with 521% increase in PBT to RM11.7mil.
I-Bhd said the BeCentral Tower 1 project achieved over 60% sales, while total unbilled sales stood at RM95.2mil as of Dec 31, 2024, providing future earnings visibility into 2025.
