According to Ibraco, a substantial increase in the group’s property development segment revenue was primarily attributable from higher take-up rate and progress billings of the NorthBank commercial and service apartment development. – Photo via Facebook/Ibraco Berhad
KUCHING (Feb 29): Driven by its robust property and construction segments, Ibraco Bhd’s (Ibraco) profit after tax (PAT) for the financial year 2023 (FY23) reached an all time high of RM45.35 million, a 46 per cent increase from the previous financial year’s RM31.09 million PAT.
In a statement, it explained that the growth was underpinned by a 44 per cent increase in revenue for its cumulative 12 months in the current year which were driven by the group’s property development and construction segment.
The substantial increase in the group’s property development segment revenue was primarily attributable from higher take-up rate and progress billings of the NorthBank commercial and service apartment development.
The property development segment remains the main contributor attributing 73 per cent of the Group’s revenue followed by the construction segment at 18 per cent for the period under review.
Ibraco expressed, “We are delighted to present a commendable performance for the first months of FY23 (12MFY23), indicative of our extensive expertise as a leading integrated township developer.
“As we move forward, we anticipate a sustained healthy take-up rate for our upcoming launches, including the implementation of an affordable housing project in Matang Land District, Kuching, and various development activities in Muara Tuang Land District, Kuching.
“While the NorthBank development remains our primary focus for the next five years, we are also embarking on the development of a new township in Kota Samarahan.
“Conversely, in West Malaysia, we have scheduled the launch of our new high-rise residential development in Petaling Jaya in 1Q FY2024 and we expect a robust take-up rate as demonstrated by the success of our previous project, ContiNew Residence.
“In our construction segment, we are making steady progress to date through active tendering for government and infrastructure projects. Our aim is to strengthen the Group’s order book position and supplement the overall earnings base.”
As of December 31, 2023, the company’s unbilled sales and outstanding order book stood at RM244.77 million and RM1.16 billion respectively.