IGB Posts Lower Net Profit Of RM89.07 Mln In 1Q
BUSINESS
KUALA LUMPUR, May 27 (Bernama) -- IGB Bhd posted a lower net profit of RM89.07 million in the first quarter of its financial year ended Dec 31, 2025 (1Q 2025), compared to RM185.34 million in the same period a year ago.
In a filing with Bursa Malaysia today, the property company said that this was due to a one-off RM108.7 million land sale contribution recognised in 1Q 2024.
However, the company recorded a higher revenue of RM499.38 million in 1Q 2025, compared to RM416.47 million in 1Q 2024, supported by stronger contributions across all business segments, mainly from retail and property development division.
'The retail segment under IGB Real Estate Investment Trust (REIT) posted a 7.0 per cent growth in total revenue to RM171.4 million in 1Q 2025 against RM160.6 million in 1Q 2024 and an 8.0 per cent growth in net property income of RM105.0 million (1Q 2024: RM96.9 million).
'The property development division saw its revenue grow to RM64.0 million in 1Q 2025 from RM13.6 million in 1Q 2024, primarily due to the sales of the Southpoint Residences project,' it said.
On prospect, IGB said the group would maintain a cautiously optimistic outlook for their overall financial performance, despite potential economic headwinds across key sectors.
'The group plans to focus on tenant engagement and phased asset enhancement initiatives for the commercial segment, as well as elevating guest experience in the hospitality segment through the refurbishment of St Giles Gardens Hotel and MiCasa All Suite Hotel, alongside the recent launch of the CHM Club hotel loyalty programme.
'The company also aims to expand its landbank and explore collaborative partnerships in the property development space,' it said.
-- BERNAMA
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