BY GANESHWARAN KANA
The company said as most of the prized assets such as the super regional shopping mall, the DoubleTree by Hilton i-City Hotel, Convention Centre and car parks are still under construction, it expects another leap in the group‘s performance when all these investment portfolios come on stream. (Picture shows an artist's impression of the i-City development project once fully completed).
PETALING JAYA: I-Bhd posted a strong set of financial results for the first quarter ended March 31, 2017, underpinned by the property development segment as demand for properties in i-City, Shah Alam remains strong.
In a filing to Bursa Securities, the property developer said its net profit for Q1’17 rose by 21% to RM18.59mil year-on-year (yoy).
Revenue, meanwhile, came in 27.8% higher at RM102.84mil from RM80.45mil in the same period a year ago. Its earnings per share rose to 1.75 sen from 1.45 sen.
“I-Bhd continues to set the bar higher in terms of its financial performance, announcing results which are its highest quarter one (Q1) achievements to date,” it said.
It said that the consistent strong numbers as seen in recent quarters come as a result of the group’s success in adopting a business strategy in which the property development segment was envisaged to contribute towards a steady group revenue of RM500mil per year, and augmented by an RM1bil investment portfolio in the next few years.
“In 2016, revenue for the property development segment had grown to RM332mil from RM25mil in 2012 and we expect to see sustainable growth over the next two to three years,” it said in a statement.
The company said as most of the prized assets such as the super regional shopping mall, the DoubleTree by Hilton i-City Hotel, Convention Centre and car parks are still under construction, it expects another leap in the group‘s performance when all these investment portfolios come on stream.
As at the end of Q1 2017, about RM409.5mil has been invested.
“The group has unbilled sales of RM447.9mil at the end of March 2017 compared to RM573.3mil at the end of 2016,” it said
I-Bhd said it was confident that demand for properties in i-City would remain strong, underpinned by the development progress from its four projects, namely i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City.
“In the second half of this year, I-Bhd expects to see a jump in new sales from the upcoming IoT ready homes -- Hill10 Residence @i-City that is to be launched in June of this year,” it added.
Taking these into consideration, it expects 2017 to be another record year for the group in terms of revenue and profits and is on track to meet its RM500mil revenue.
No dividend was declared for the first quarter.
Shares of I-Bhd ended the day higher by 2 sen to 61.5 sen, giving the stock a market cap of RM597.64mil.
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