IOI Properties Group Berhad recorded a revenue of RM2.59 billion for financial year 2023 which ended on 30 June, though revenue in property development segment declined by 11%, the contraction is offset by the impressive performance observed in the property investment segment which improved by 35%.
Profit before tax surged 47% to RM1.62 billion from RM1.10 billion, while profit for the period surged to RM1.4 billion compard to RM688 million in registered in 2022. This significant improvement is attributed to the noteworthy achievements of the property investment portfolio where operating profit increased by 26% and fair value gain contributed an additional RM716.8 million.
For FY2023, the property development segment achieved sales with contracts exchanged of RM1.96 billion. Local projects contributed RM1.67 billion, which is 85% of the total sales, while overseas projects from People’s Republic of China (“PRC) and Singapore contributed the remaining 15% at RM290.4 million. In Malaysia, the sales secured were largely from the Klang Valley region at RM854.1 million, led by our integrated development at IOI Resort City in Putrajaya and our matured township at Bandar Puteri Puchong in Selangor. Johor continues to outperform with a sales contribution of RM772.0 million.
For FY2024, IOIPG has planned a versatile range of product offerings spread across established townships. Mid-priced residential and commercial units will be launched across its property areas.
The outlook in PRC is still dampened as the economic recovery is weaker than expected. Despite this sluggish property sector, where there are concerns over the liquidity of the Chinese developers, there are renewed enquiries on our developments at IOI Palm City and IOI Palm International Parkhouse in Xiamen.
