IOI Properties' FY23 net profit rises to RM1.39bil

IOI Properties’ FY23 net profit rises to RM1.39bil

IOI Properties Group Bhd said the operational climate in Affinity at Serangoon floor plan and abroad would continue to be difficult as it ends its 2023 financial year.

However, Affinity at Serangoon showflat property product offers across three nations, recurrent revenues from established property investment portfolios, and growing tourist prospects should produce sustained profitability.

During the financial year, the Affinity at Serangoon group said it sold RM1.96 billion worth of property, of which 85%, or RM1.67 billion, came from projects in Malaysia.

The property company said that the last 15% of the sales, or RM290.4mil, came from projects in China and Singapore.

“In Malaysia, most of the sales came from the Klang Valley region, which brought in RM854.1mil. Our integrated development at IOI Resort City in Putrajaya and our developed city at Bandar Puteri Puchong in Selangor were the biggest contributors.

“Johor continues to outperform with a sales contribution of RM772mil,” IOI Properties CEO Lee Yeow Seng said in a statement.

He also said that the group’s efforts to get rid of finished stocks during the year had led to savings of RM637.9mil.

This converts stocks into free cash flow immediately, and the firm continues to reduce inventories through special sales efforts “said.

IOI Properties’ fourth-quarter net profit was RM235.37mil, down from RM292.48mil in 2022, giving the firm profits per share of five sen compared to four sen.

Its revenue fell to RM666.46mil from RM715.94mil in 4QFY22 due to the property development segment’s lower performance, which earned RM494.4mil instead of RM561.1mil.

The group’s property investment division increased revenue by RM119.2mil from RM108.8mil, while its hotel and leisure segment increased revenue by RM49.5mil from RM42.4mil in 4QFY22.

IOI Property earned RM1.39bil last year, more than twice the previous year’s RM686.74mil.

The group’s FY23 revenue was RM2.59bil, the same as FY22.

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