PETALING JAYA: IGB Bhd
is maintaining a prudent yet hopeful outlook for its financial performance this year, outlining planned strategies that include continued focus on tenant engagement and phased asset enhancement initiatives for its commercial segment.
For the first quarter ended March 31, 2025 (1Q25), the owner and developer of Kuala Lumpur’s popular Mid Valley Megamall reported net profit declined by over 50% to RM89.1mil, despite revenue growing by 19.9% to RM499.4mil.
The group explained that the lower net profit was primarily due to a one-off RM108.7mil land sale contribution recognised in 1Q24. Excluding this one-off, IGB said pre-tax profit would have increased by 18% compared to 1Q24.
The group said the jump in turnover was largely supported by stronger contributions across all business segments, particularly retail and property development.
Earnings per share for 1Q25 stood at 6.71 sen.
