I-Berhad announced a 189% increase in year-to-date profit before tax to RM11.8 million compared to RM4 million for the same period last yearm the group's PBT also surged from RM2.4 million to RM9.5 million for the 1H against the previous year.
For Q2 2024, I-Berhad reported a profit before tax of RM6.8 million, a substantial increase from RM2.3 million in Q2 2023. The upswing it said is largely attributed to the dramatic increase in profit before tax in the Group's Leisure and Hospitality segment, which soared to RM4.166 million in Q2 2024 from a loss of RM0.226 million in Q2 2023. This success is due to the effectiveness of the Group's strategic initiatives and operational excellence in seizing market prospects. New attractions such as the Digital Sports Arena, Immersive Winterland, and Race Karting drove significant visitor traffic to i-City, especially during school holidays.
Additionally, the Group's ability to quickly capitalise on the accelerated growth of B-leisure and MICE activities in Shah Alam contributed to the success of the 5-Star DoubleTree by Hilton i-City and Best Western Hotel–both owned by the Group.The Property Investment segment also showed significant improvement, with a profit beforetax of RM2.938 million, up from RM1.860 million in Q2 2023. This positive improvement highlights the Group's successful management and optimisation strategies in this segment.
Although there was a 49.9% decrease in profit before tax from the Group's Property Development Sector in Q2 2024 compared to the corresponding quarter last year, it was a sharp turnaround from a loss before tax of RM2.226mil in Q1 2024. The strong contributions of the Group's Leisure and Hospitality as well as Property Investments segments demonstrate the Group's capability of creating long-term value for its Property Development
sector.
