I-Berhad reports net profit jump to RM9.96mil in 1Q

KUALA LUMPUR: I-Berhad executive chairman Tan Sri Lim Kim Hong in delivering the group's report for the first-quarter of 2025 (1QFY25), said the company's strong start reflects its evolution into a more balanced, asset-driven business.

Accordingly, the group's performance was underpinned by steady contributions from three core business segments — property development, property investment, and leisure and hospitality.

“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,” Lim said in a statement.

During the first-quarter ended March 31, 2025, I-Berhad posted a net profit of RM9.96mil, which was about 140% more than RM4.07mil in the year-ago quarter.

Quarterly earnings per share jumped 0.54 sen from 0.22 sen previously, while revenue came to RM62.06mil, up from RM40.63mil in 1QFY24.

The company's leading revenue contributor - leisure and hospitality - registered RM26.4mil in quarterly revenue and pre-tax profit of RM2.97mil.

The newly rebranded Wyndham Garden I-City recorded healthy occupancy in its first full quarter of operations, adding to the revenue contributions of DoubleTree by Hilton i-City and Wyndham Suites KLCC.

Meanwhile, the property development segment made a turnaround with RM28.36mil in revenue and RM4.62mil in pre-tax profit, and the property investment segment contributed RM6.66mil in revenue and RM5.28mil in pre-tax profit, which was a 42% improvement from the previous year.

Looking ahead, I-Berhad said it will focus on phased development, operational efficiency, and strengthening its commercial leasing.