SARAWAK-based property developer Ibraco Bhd posted a strong net profit for its 4Q FY2024 ended Dec 31, 2024 at RM21.48 mil or 117% jump from RM9.89 mil in the same quarter a year ago.
Reflecting the performance, the group’s revenue also edged up 124% to RM236.50 mil during the period under review from RM105.42 mil in 4Q FY2023.
The impressive performance was primarily fuelled by continued positive momentum in the group’s construction segment which contributed RM130.33 mil or about 55% of the total revenue in 4Q FY2024.
The segment’s strong performance was largely driven by progressive revenue recognition from government construction contracts.
Meanwhile, the group’s property segment also delivered solid contributions by reporting revenue of RM91.49 mil in 4Q FY2024 from RM69.68 mil in the corresponding quarter a year ago.
For the 12-month period, Ibraco posted a 4.9% year-on-year (yoy) rise in net earnings to RM48.29 mil (FY2023: RM46.04 mil) on the back of its revenue which spiralled 43.6% yoy to RM562.85 mil (FY2023: RM391.87 mil).
In addition to its strong financial results, the group is progressing well with two major projects in Sarawak – The NorthBank and Arden City.
These projects are set to improve regional infrastructure and create sustainable communities. By focusing on long-term responsible development, Ibraco aims to contribute to Sarawak’s growth and prosperity while promoting environmental sustainability and community well-being.
“We are proud to deliver another solid quarter, demonstrating the resilience of our business strategy and the strong execution by our team,” commented Ibraco’s group managing director Datuk Chew Chiaw Han.
“Our construction segment continues to be a key growth driver, supported by a healthy order book. Looking ahead, we’re optimistic about our prospects with upcoming property launches that are strategically planned to capture market demand.”
To reward its shareholders, the group has declared an interim dividend of 2.0 sen/share for its financial year ended Dec 31, 2024.
As of end-December 2024, Ibraco’s unbilled sales stood at RM234.84 mil while its outstanding order book reached RM1.02 bil, thus ensuring a solid revenue pipeline going into the next financial year.
At 2.37pm, Ibraco was down 4 sen or 3.54% to RM1.09 with 19,500 shares traded, this valuing the company at RM595 mil. – Feb 25, 2025
