IOI Properties well positioned to ride out the storm
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KUALA LUMPUR: IOI Properties Group Bhd is strongly positioned to ride out the storm from the ongoing macroeconomic and sectoral concerns caused by rising inflation, supply chain disruptions and interest rate hikes.
“In the next financial year, IOI Properties will be focused on enhancing its value to further improve profitability. To achieve this, the group will be launching products with higher margins corresponding to the maturity of its landbank and infrastructure of its integrated developments,” it said in a filing with Bursa Malaysia.
“The transition towards endemicity continues to steer our nation towards a healthy recovery in all sectors of its economy.
“Hence, we are confident that this will bolster market and economic conditions which will augur well for all business segments across IOI Properties,” chief executive officer Datuk Voon Tin Yow said in a separate statement.
The developer posted a 147% jump in net profit of RM292.48mil in the fourth quarter ended June 30, from RM118.37mil previously.
Its revenue rose 8.9% to RM715.94mil against RM658.64mil while earnings per share rose to 5.31 sen during the quarter from 2.15 sen a year prior.
IOI Properties said the increase in revenue is underpinned by strong performances from the Group’s property investment and hospitality and leisure segments.,
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Its property development segment recorded a revenue of RM561.1mil, a decrease of 3% compared to the preceding year's corresponding quarter due to lower sales of properties in China.
“Notwithstanding the slower sales in China, its operating profit rose by 37% to RM228.1mil compared to the preceding year's corresponding quarter. This is mainly attributable to higher profit contributions from IOI Palm City, China and higher sales of commercial properties in Malaysia,” it said.
In the property investment segment, the group recorded an increase of 89% in revenue to RM51.3mil and a 109% rise in operating profit to RM19.9mil compared to the preceding year's corresponding quarter.
For the hospitality and leisure segment, revenue soared to RM42.4mil, an increase of 124% compared to the preceding year's corresponding quarter.
“The group’s property development segment recorded sales of RM1.9 billion in FY2022. Despite the Klang Valley region reporting a decrease of 8%, it was still responsible for 48% of total group sales achieved.
“Meanwhile, overall sales from Malaysia contributed towards 77% of the total group sales, which saw its highest percentage increase of 44% from the Johor region,” IOI Properties said.
It said it continued to see a strong recovery in the retail and hospitality segments in Malaysia since the full withdrawal of movement restrictions.