KUALA LUMPUR: I-Bhd
's net profit in the nine months ended Sept 30, 2026, dropped to RM28.63mil as compared to a net profit of RM44.91mil in the year-ago period, while revenue fell to RM130.63mil from RM205.63mil previously.
According to the group, the lower overall earnings primarily reflected the current phase of the group's property development cycle, with contributions mainly from the sale of remaining completed inventories.
However, the group reported that its property investment segment recorded a 30% increase in pre-tax profit to RM20mil in the nine-month period, which highlights the growing importance of recurring income from the group's substantial investment property portfolio.
"With property investment accounting for approximately two-thirds of the group's shareholders' funds, the improved performance underscores the earnings potential of its established asset base and the group's strategy of enhancing long-term shareholder value through active asset management," it said in its results announcement.
It said the improved results were supported by stable income from Mercu Maybank, full occupancy of the group's data centre, contributions from car park operations and a higher share of results from Central i-City Mall, in which I-Bhd holds a 40% interest.
For the third quarter alone, the group's net profit slid to RM6.57mil from RM23.5mil in the year-ago quarter while revenue contracted to RM38.17mil from RM81.28mil previously.
