KUCHING: With Ibraco Bhd’s (Ibraco) first 12 months of 2015 (12M15) earnings in line with estimates, M&A Securities Sdn Bhd (M&A Securities) are remaining confident on the group given the solid gross development value (GDV) backed by a host of new launches.
In a filing on Bursa Malaysia, Ibraco revealed that the group’s profit before tax for 12M15 increased to RM70.16 million, compared to a profit before tax of RM52.82 million recorded in FY14.
According to M&A Securities, Ibraco’s 12M15 earnings were in-line with the research firm’s estimates, accounting for 104.5 per cent of its full year net profit forecast.
The research firm noted that Ibraco’s net profit inched up 26 per cent year on year (y-o-y) on the back of 11 per cent year on year (y-o-y) jump in revenue to RM254 million driven by higher sales from Tabuan Tranquility (TT) 2 and TT4, Park Residence, Stutong Heights, sales of land in TT2 and TT4, Trombol 2, shop offices at TT3 and sales from Bintulu Town Square, and construction income from Bintulu Town Square.
“We remain confident on Ibraco energised by its solid GDV backed by a host of new launches,” M&A Securities said.
It noted that Ibraco’s strong portfolio of projects with remaining GDV of RM6.4 billion and remaining undeveloped landbank of 314 acres would provide earnings and growth visibility for at least the next five to seven years.