Thursday, September 19

Ibraco announces RM239.26 mln revenue, net profit at RM30.37 mln

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KUCHING: Ibraco Bhd (Ibraco), one of the leading realty developers in Sarawak, recorded a significant increase of 47.18 per cent in revenue at RM83.95 million for the fourth quarter ended December 31, 2018 (4QFY18).

This compares favourably to RM57.04 million recorded in the preceding year’s corresponding quarter (4QFY17).

Subsequently, both profit before tax (PBT) and profit after tax (PAT) have also registered notable improvement by 200.16 per cent and 218.31 per cent respectively, marked at RM18.31 million and RM13.21 million, as compared to RM6.10 million and RM4.15 million in 4QFY17 correspondingly.

During the quarter under review, the revenue growth was mainly derived from construction works of the new Airport at Mukah, which contributed approximately 17.13 per cent at RM14.38 million to the company’s total revenue.

This is followed by its various property development projects that contributed 81.61 per cent at RM68.51 million to its property development segment.

On a full-year financial review basis, Ibraco reported revenue of RM239.26 million for the financial year ended December 31, 2018 (FY18), posting an increase of 88.99 per cent as compared to RM126.6 million recorded in the preceding’s year ended December 31, 2017 (FY17).

Meanwhile, both PBT and PAT achieved double growth rate of 120.40 per cent and 103.42 per cent at RM41.81 million and RM30.37 million respectively as compared to RM18.97 million and RM14.93 million noted correspondingly for FY17.

“We are pleased with the delivered results for FY18 with notable efforts from the management team to achieve double growth net profit for the company. Riding on the success of The NorthBank, Sarawak, we will be launching first phase of commercial shop office in the first quarter of this year,” Ibraco managing director Datuk Chew Chiaw Han said.

“In addition to income generation via the group’s current business activities, we have ventured into another new business segment, which is the provision of international education services.

“We have collaborated with HELP Education Services Sdn Bhd and CMS Education Sdn Bhd to embark on an exciting journey in educational growth by establishing the Tunku Putra-Help International School in Kuching, strategically located at our property development project – The NorthBank.

“I am optimistic that this joint venture will diversify our source of income as well as enhancing the value of its surrounding developments within The NorthBank.”

“We have also entered into a separate sale and purchase agreement with Milan Sanctuary Sdn Bhd and Jurapat Sdn Bhd to acquire 15,811.66 square meter leasehold land located at Bandar Petaling Jaya Selatan for an aggregate consideration of RM37.44 million.”

“The land has been approved for mixed development and it will be a strategic investment, which will enhance our future earnings and presence in West Malaysia.”