By DayakDaily Team
KUCHING, Nov 22: Ibraco Berhad reported a 28.8 per cent increase in revenue to RM151.78 million in the third quarter of the year which ended Sept 30 (3Q2024) as compared to RM117.85 million for the third quarter in 2023.
According to a press release today, the growth was primarily driven by the Group’s Construction segment, which experienced a significant revenue increase of 145.5 per cent on a year-over-year (YOY) basis from RM28.95 million in 3Q2023 to RM71.07 million in 3Q2024 albeit lower revenue contribution from its Property segment.
It said that the notable improvement in revenue was attributable to higher revenue recognition from the government construction contracts for the current quarter.
Correspondingly, the Group’s Construction segment is now the main contributor attributing 46.8 per cent of the Group’s revenue followed by the property segment at 46.3 per cent for the quarter under review.
Similarly, the Group reported a Profit After Tax (PAT) of RM16.03 million in 3Q2024, reflecting a 24.9 per cent increase compared to RM12.84 million in 3Q2023.
On a QoQ basis, the Group also registered a 60.7 per cent increase in its revenue and a 146.3 per cent increase in PAT as compared to the second quarter ending June 30, 2024 (2Q2024).
The management of Ibraco commented that they are pleased with their performance in 3Q2024 and expect their construction segment to grow further in line with the current outstanding order book.
“In addition to our upcoming property development launches for the remainder of the year, we are positively optimistic of the Group’s prospects,” they said.
The Group also declared an interim dividend of 2.0 sen per share in respect of the financial year ending December 31, 2024
As of Sept 30, the Group’s unbilled sales and outstanding order book stood at RM161.28 million and RM1.08 billion respectively. — DayakDaily
