by DayakDaily Team
KUCHING, Feb 22: Ibraco Bhd (Ibraco) closed the financial year on a high note with its fourth quarter of 2024 (4Q24) profit after tax (PAT) rising 148 per cent to RM22 million as compared to RM8.86 recorded in 4Q23.
Its revenue for 4Q24 also rose significantly by 124 per cent to RM236.50 million compared to RM105.42 million in 4Q23.
In a press statement, the group attributed this impressive revenue growth to the continued momentum in its construction segment, which contributed RM130.33 million, or approximately 55 per cent of total revenue in 4Q24.
The segment’s strong performance was largely driven by progressive revenue recognition from government construction contracts.
Meanwhile, the property segment also delivered solid contributions, reporting revenue of RM91.49 million in 4Q24, compared to RM69.68 million in the corresponding quarter last year, further supporting the Group’s overall financial performance.
In addition to its strong financial results, the group is progressing well with two major projects in Sarawak – The NorthBank and Arden City.
These projects are set to improve regional infrastructure and create sustainable communities. By focusing on long-term, responsible development, the Group aims to contribute to Sarawak’s growth and prosperity while promoting environmental sustainability and community well-being.
Reflecting on the performance, Ibraco group managing director Datuk Chew Chiaw Han stated, “We are proud to deliver another solid quarter, demonstrating the resilience of our business strategy and the strong execution by our team.
“Our Construction segment continues to be a key growth driver, supported by a healthy order book. Looking ahead, we are optimistic about our prospects with upcoming property launches that are strategically planned to capture market demand.”
As of Dec 31, 2024, Ibraco’s unbilled sales stood at RM234.84 million, while its outstanding order book reached RM1.02 billion, ensuring a solid revenue pipeline going into the next financial year.
To reward its shareholders, the group has declared an interim dividend of 2.0 sen per share for the financial year ended Dec 31, 2024. – DayakDaily
