PETALING JAYA: IOI Properties Group Bhd‘s (IOIPG) net profit in the first quarter ended Sept 30, 2021 for the 2022 financial year (FY), grew 8% to RM208.5mil compared with RM192.6mil recorded in the preceding year corresponding quarter.
Revenue came in at RM431.8mil, while profit before taxation was RM260.7mil despite operating in a challenging business environment due to the Covid-19 pandemic.
Revenue and operating profit for the property development segment was RM363.2mil and RM202.2mil respectively in the current year quarter.
For the property investment segment, the group recorded revenue of RM59.2mil and operating profit of RM25mil. Revenue for the hospitality and leisure segment was RM7.6mil with an operating loss of RM15.2mil.
Chief executive officer Datuk Voon Tin Yow (pic) said despite the challenges faced by the property industry, the group’s financial results for Q1 FY22 was commendable.
“We are confident that Malaysia’s economy is on the path of recovery to pre-pandemic levels as most sectors of the economy are allowed to operate at full capacity under the new normal.
“The vaccination rate among the adult population in Malaysia has surpassed 95% and the country is transitioning towards an endemic phase.
“Therefore, we expect to see growth picking up across economic sectors,” he said in a statement yesterday.
IOIPG endeavours to stay resilient during these challenging times and focus on driving sales of its mid-priced range products via its innovative and aggressive campaigns and capitalise on its capability in digital marketing.
The group will also continue to focus on launching offerings that ride on government-driven support initiatives for the property development sector.
IOIPG has 27 ongoing projects under construction in Malaysia, Singapore and Xiamen, China, that are sought-after and strategically located in high growth areas with excellent connectivity, thus providing reliable and steady income streams for the group.
“The residential developments in Xiamen, China namely IOI Palm International Parkhouse, which is scheduled to complete in FY23 and IOI Palm City will continue to contribute to the group’s financial performance in the coming quarters.
“Meanwhile, IOI Palm City Mall has commenced operations on Oct 28, 2021, and this too is contributing to the recurring income of the group,” it said.
In Singapore, its acquisition of a new development site at Marina Bay, which is planned for a mixed-use development comprising residential, hotel and commercial components will complement its existing developments in the country and contribute to the business growth of the group.
To stay resilient, IOIPG will strengthen its team by developing its employees while ensuring a workforce that is digital and technology-savvy.