IGB Bhd announced a pre-tax profit of RM351.405 million on the back of a turnover of RM930.053 million for the year ended December 31, 2021 from a pre-tax profit of RM147.663 million on the back of turnover RM1.016 billion for the year ending December 31, 2020.
The company announced a pre-tax profit of RM297.917 million for the fourth quarter of 2021 on the back of a turnover of RM300.445 million from RM21.688 million on the back of a turnover of RM276.667 million previously.
Group pre-tax profit increased by more than 100% to RM297.9 million from RM11.1 million due mainly to higher contribution from Property Development division and recognition of a one-off gain of approximately RM193.4 million from the disposal of a joint venture company.
When comparing financial year ended 31 December 2021 with the financial year ended 31 December 2020, Group revenue decreased by 8% to RM930.1 million from RM1,016.4 million in the preceding year due to lower contributions from all operating divisions other than Property Development division.
Group pre-tax profit increased by more than 100% to RM351.4 million from RM147.7 million due to higher contribution from Property Development division and a one-off gain of approximately RM193.4 million from the disposal of a joint venture company.
It said that for the current financial year, the Groups’ profit after tax included a one-off tax expense net of deferred tax of RM56.2 million which arose from the disposal of certain investment properties held by the Group to IGB Commercial REIT.
Ging forward, IGB said that although there is an increase in the number of positive Covid-19 cases in recent weeks, the majority of the cases were in the milder Category 1 and Category 2 and the relaxation by the Government of the various forms of Movement Control Order (“MCO”) in the country have shown signs of a mild recovery in the local economy from the fourth quarter of 2021.
It said that the Government has announced the gradual easing of MCO restrictions with the transitioning to National Recover Plan (NRP) Phase 4 from 24 October 2021 for Kuala Lumpur, Putrajaya, and certain other states from 8 November 2021.
