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- According to its exchange filing today, revenue also surged 52.74% to RM62.06 million from RM40.63 million a year ago.
PETALING JAYA (May 7): I-Bhd posted a net profit of RM9.96 million for the quarter ended March 31, 2025 (1QFY25), more than double the RM4.07 million recorded a year ago, driven by stronger earnings from its property development and investment segments.
According to its exchange filing today, revenue also surged 52.74% to RM62.06 million from RM40.63 million a year ago.
The property developer said its stronger 1Q earnings were fuelled by ongoing sales and construction progress of its latest projects such as BeCentral residences, 8Premier corporate/retail space, and continued sales at Twenty8.
The group also saw steady rental income from its investment properties including Mercu Maybank, i-City’s data centre, car parks, and its stake in Central i-City Mall.
Despite a slight dip from the previous quarter, where festive season traffic had boosted leisure and hospitality income, the group still delivered solid year-on-year growth.
Its hospitality arm faced softer performance this quarter due to Ramadan and the ongoing rebranding of its hotel to Wyndham Garden i-City.
However, the group registered lower revenue of RM62 million and profit before tax of RM12.4 million for the current quarter ended 1QFY25, compared to RM64.1 million and RM15.6 million in the preceding quarter.
The higher profit before tax in the previous quarter was mainly due to improved visitation to the theme park and hospitality segment during the festive season and school holidays.
No dividend was declared for the current quarter.
I-Bhd executive chairman Tan Sri Lim Kim Hong said the results reflected the company’s evolution into a more balanced, asset-driven business.
“Over the past year, we’ve restructured our growth engine to ensure we create an ecosystem that generates recurring income across our existing assets.
“The performance we are seeing today shows that our strategy is working—our earnings are broad-based, resilient and supported by both recurring income and market-responsive development,” he said in a statement.
Looking ahead, I-Bhd will focus on phased development, operational efficiency, and strengthening its commercial leasing. With RM5 billion in remaining GDV at i-City, the group will time future launches to maximise value and align with market conditions.
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