IOI Properties Group Berhad’s net profit in the first quarter of 2022 grew 8% to RM208.5 million compared to RM192.6 million recorded in the preceding year’s corresponding quarter. Revenue was at RM431.8 million while profit before taxation was RM260.7 million.
Revenue and operating profit for the property development segment were RM363.2 million and RM202.2 million respectively while the property investment segment recorded revenue of RM59.2 million and operating profit of RM25 million. Revenue for the hospitality and leisure segment was RM7.6 million with an operating loss of RM15.2 million.
CEO Dato’ Voon Tin Yow said despite the challenges faced by the property industry, the Group’s financial results for Q1 FY2022 were commendable.
The group aims to stay resilient during these challenging times and focus on driving sales of its mid-priced range of products via its innovative and aggressive campaigns and capitalise on its capability in digital marketing.
Currently, IOI Properties has 27 ongoing projects under construction in Malaysia, Singapore and Xiamen, China, among them are the residential developments in Xiamen, the IOI Palm International Parkhouse, which is scheduled to complete in FY2023 which will contribute positively to the Group’s financial performance.
In Singapore, the Group’s acquisition of a new development site at Marina Bay, is planned for a mixed-use development comprising residential, hotel, and commercial components and will complement its existing developments.
