Ibraco Berhad, a property development corporation has generated a profit revenue of close to RM6 million, riding on a RM54.9 million during the three-month period ended March 31, despite the challenging property and construction scenario.
The Group’s revenue reported gains largely from its property development projects, namely the apartment suites and commercial lots at ContiNew in Kuala Lumpur and the NorthBank integrated development in Kuching.
In March 2021, Ibraco which has a total of 40 years of construction experience saw its total assets maintain at RM741.7 million compared to 784.557 million as at December 2020.
The company continues to reward its shareholders, who have demonstrated their trust in the company over the years by increasing earnings per share to 1.12 from 1.09 previously.
Meanwhile, on February 25, 2021 the board of directors have approved an interim single tier dividend of 2.00 cent per ordinary share for the financial year ended December 31 2020. The dividend was paid on April 15, 2021.
In response to the Sarawak Government’s five-year infrastructure development master plan to transform Kuching city, the Group is optimistic about a better economic recovery in Sarawak if a significant boost with a sizeable allocation in the 2021 Year state budget is provided.
Additionally, together with the Group’s efforts in branding The NorthBank development over the years, the Group is on track to roll out more launches focusing on The NorthBank in FY2021.
There will be new launches for commercial developments, service apartments and landed residences. The company is also targeting to kick start the construction of The NorthBank Specialist Hospital in FY2021 that will further enhance the value of the surrounding properties.
Aside from The NorthBank, the Group intends to build a variety of affordable housings in Kuching in FY2021 in order to broaden their market reach and meet the current demand for affordable housing.
As for Bintulu market, the Group is planning for the new launch of shop office and second phase of service apartment following the 100 percent take up rate of the phase one service apartment.
Riding on the success of ContiNew Kuala Lumpur, the Group’s expansion into West Malaysia will continue in the future with the launch of an affordable service apartment in Bandar Petaling Jaya Selatan.