Kuala Lumpur, 1 June 2021- Despite the difficult property and construction scenario, Ibraco Berhad had defied the odds to make a sterling net profit of almost RM6 million for the three month period ended March 31 riding on a RM54.9 million revenue.
During this reporting quarter, the Group’s revenue was primarily recognised from its property development projects, namely the apartment suites and commercial lots at ContiNew, Kuala Lumpur as well as the NorthBank integrated development in Kuching.
As at March 2021 meanwhile, Ibraco which has a total of 40 years of construction experience saw its total assets maintain at RM741.7 million compared to 784.557 million as at December 2020. The company continues to rewards its shareholders which has exemplified its faith to the company over the years by ramping up its earnings per share to 1.12 from 1.09 previously. On February 25, 2021 the board of directors has approved an interim single tier dividend of 2.00 cent per ordinary share for the financial year ended 31 December 2020. The dividend was paid on April 15, 2021.
As for the prospects, the Group is hopeful of a better economy recovery in Sarawak in view of the Sarawak Government’s five-year development master plan to transform Kuching city. Furthermore, Sarawak’s infrastructure development will get a major boost with sizable allocation in the Year 2021 state budget for development expenditure and global economic recoveries.
Against the above backdrop coupled with the Group’s efforts in the branding of The NorthBank development over the years, the Group is set on a good path to roll out more launches in FY2021 focusing on The NorthBank. There will be new launches for commercial developments, service apartments, and landed residences. Also in the development plan is the kick start of the construction of The NorthBank Specialist Hospital in FY2021 that will further enhance the value of the surrounding properties. Apart from The NorthBank, the Group also plans to roll out a range of affordable housings in Kuching in FY2021 to broaden their market reach as well as to cater to the current demand for affordable homes.
As for Bintulu market, the Group is planning for the new launch of shop office and 2nd phase of service apartment following the 100% take up rate of the phase 1 service apartment.
Riding on the success of ContiNew Kuala Lumpur, the Group’s venture into West Malaysia will continue with the new launch of affordable service apartment at Bandar Petaling Jaya Selatan in the new future.