IOI Properties net profit rises to RM660.20 mln in FY2021

KUALA LUMPUR, IOI Properties Group Bhd recorded a net profit of RM660.20 million for the financial year ended June 30, 2021 (FY2021), from RM504.69 million in the previous year.

Revenue increased 18 per cent to RM2.48 billion from RM2.11 billion previously, mainly due to better sales performance from Malaysian operations, driven by dynamic sales and marketing campaigns.

For the fourth quarter net profit (Q4), IOI Properties said it surged to RM118.37 million from RM44.06 million a year ago, while revenue climbed to RM658.64 million compared to RM610.47 million previously.

“The increase in revenue is contributed by all the operating segments of the group,” it said in a stock exchange filing.

The group said it would continue to leverage on digital marketing capability, aggressive sales campaigns, and the recently extended Home Ownership Campaign to drive sales of the mid-price range of products in tandem with the market demands.

It said the property developments in China would continue to contribute to the group’s financial performance in the next financial year, while IOI Palm City Mall in Xiamen has secured high levels of occupancy and the mall business is expected to commence operation in the third quarter of this year.

For the retail segment in Malaysia, it said the group would continue to adopt active and pragmatic tenant retention strategies to maintain occupancy rates.

IOI Properties chief executive officer Datuk Voon Tin Yow said the group has achieved sales of RM2.3 billion, surpassing its sales target of RM2 billion for FY21.

“The group anticipates a longer recovery time for the hospitality and leisure segment due to the COVID-19 pandemic and the prolonged travel restrictions,” he said in a separate statement.

Nevertheless, he said the group would continue with its prudent and professional management to manage its operations to deliver satisfactory performance in the coming financial year.

Source: BERNAMA News Agency