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The Sun
07-05-2025
- Business
- The Sun
I-Berhad kicks off FY25 with 150% surge in Q1 earnings
PETALING JAYA: I-Berhad posted a strong start to FY25, reporting a significant 150% year-on-year surge in profit before tax (PBT), reaching to RM12.36 million, alongside a 53% rise in revenue to RM62.06 million for the first quarter ended March 31, 2025. The performance was driven by steady contributions from the group's three core business segments – property development, property investment, and leisure and hospitality. The group's results validate its strategic pivot over the past year towards building a more resilient and sustainable asset-backed business model – an approach increasingly relevant in a volatile global environment marked with the rising importance of stable cash flows. Leisure and hospitality generated RM26.4 million in revenue during the quarter, remaining the group's leading revenue segment. The newly rebranded Wyndham Garden i-City (formerly Best Western Hotel) recorded healthy occupancy in its first full quarter of operations, contributing alongside DoubleTree by Hilton i-City and Wyndham Suites KLCC. I-Berhad in a statement said that these assets continue to underpin the company's strategy of yield optimisation and premiumisation within its hospitality portfolio. The property development segment recorded a turnaround, posting RM28.36 million in revenue and RM4.62 million in PBT, compared to a loss of RM2.23 million in the same period last year. This was driven by sustained demand for units at BeCentral, as well as a soon-to-be-launched branded residence within i-City Finance Avenue. As at March 31, 2025, unbilled sales stood at RM89.2 million, providing earnings visibility into the quarters ahead. Executive chairman Tan Sri Lim Kim Hong said the results reflected the company's evolution into a more balanced, asset-driven business. '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,' he added. The property investment segment contributed RM6.66 million in revenue and RM5.28 million in PBT – a 42% increase from the previous year. High occupancy levels at Mercu Maybank Premium Corporate Tower and Central i-City Mall, together with active rental management strategies, helped anchor this recurring income stream. The leisure and hospitality segment's PBT eased to RM2.97 million from RM4.16 million a year ago, mainly due to Ramadan seasonality and initial costs from new offerings. The group expects a stronger second quarter, supported by school holiday tourism and yield optimisation, especially with Visit Selangor 2025 and Visit Malaysia 2026 gaining momentum. Lim said that the group's diversified income sources place it in a strong position to manage changing market cycles. 'We are focused on quality over speed. Each business vertical plays a specific role – some offer growth, others provide stability. This balance allows us to reinvest selectively and protect long-term value.' Looking ahead, I-Berhad will focus on phased development, operational efficiency, and strengthening its commercial leasing. With RM5 billion in remaining GDV at i-City, the group will time future launches to maximise value and align with market conditions. 'With a stabilised earnings base and significant GDV held in reserve, we are entering a new phase – one where disciplined execution, yield optimisation, and long-term ecosystem value will define our performance. We are building more than just structures but a destination, while we are curating experiences, enabling connectivity, and cultivating a future-forward lifestyle hub,' Lim said.
New Straits Times
07-05-2025
- Business
- New Straits Times
I-Berhad records 150pct surge in Q1 profit, driven by diversified asset-backed strategy
KUALA LUMPUR: I-Berhad reported a robust start to its financial year 2025 (FY2025), registering a 150 per cent year-on-year increase in pre-tax profit (PBT) to RM12.36 million and a 53 per cent jump in revenue to RM62.06 million for the first quarter ended March 31, 2025 (Q1). Executive chairman Tan Sri Lim Kim Hong said the Q1 results reaffirm I-Berhad's successful transformation into a balanced, asset-focused company. "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," he said. I-Berhad's stellar performance was underpinned by solid contributions across the company's three core business segments—property development, property investment, and leisure and hospitality—reflecting the success of its ongoing shift toward a resilient, asset-backed business model that emphasises recurring income. The leisure and hospitality segment remained the company's top revenue generator, delivering RM26.4 million in Q1. The recently rebranded Wyndham Garden i-City (previously Best Western i-City) performed well in its first full quarter of operations, supported by strong occupancy. Alongside DoubleTree by Hilton i-City and Wyndham Suites KLCC, these premium hospitality assets reflect I-Berhad's yield optimisation strategy and focus on delivering elevated guest experiences. The property development division staged a solid turnaround, reporting RM28.36 million in revenue and RM4.62 million in PBT, a marked improvement from the RM2.23 million loss in the same period last year. The rebound was driven by sustained interest in BeCentral units and the upcoming launch of a branded residence within i-City Finance Avenue. As of March 31, 2025, unbilled sales stood at RM89.2 million, offering clear visibility for future earnings, the company said in a statement. The property investment segment saw revenue increase to RM6.66 million, while PBT grew 42 per cent year-on-year to RM5.28 million. This was supported by strong occupancy at Mercu Maybank Premium Corporate Tower and Central i-City Mall, alongside proactive rental management strategies that continue to deliver stable recurring income. PBT from leisure and hospitality eased to RM2.97 million from RM4.16 million a year earlier, mainly due to the seasonal impact of Ramadan and initial ramp-up costs for newly introduced offerings. However, the company expects a stronger second quarter, buoyed by school holiday travel, rising domestic tourism, and upcoming campaigns under Visit Selangor 2025 and Visit Malaysia 2026. Lim said that with RM5 billion in remaining gross development value (GDV) at i-City, the company will continue adopting a phased development strategy, focusing on operational efficiency and strengthening its commercial leasing business. Project launches will be carefully timed to align with market conditions and optimise returns. "With a stabilised earnings base and significant GDV held in reserve, we are entering a new phase, one where disciplined execution, yield optimisation, and long-term ecosystem value will define our performance," said Lim.
