I-BHD released its third-quarter financial results for 2024, with strong earnings growth coming from its leisure and property portfolios while the nine months ended September 2024, the Group's PBT of RM27 million was 2.7 times more than that recorded in the same period in 2023.
For the third quarter PAT jumped to RM12.9 million from the RM5.5 million the group registered in the previous years quarter, for the full nine months net profit stood at RM22 million which is a significant improvement from RM8 million in 9MFY23.
The strong PBT growth was driven mainly by the Leisure and Hospitality segment, which delivered a quantum leap in performance with a 9M YTD PBT of RM14.6 million compared to RM1.8 million in the same period last year.
The positive upswing was partly due to the improved performance at Double Tree by Hilton i- City Hotel and increased footfall at the themepark in i-City, Malaysia No. 1 Digital City, following the opening of new attractions over the past year.
I-Berhad Chairman Tan Sri Lim Kim Hong remains optimistic that the Group will continue to see sustained growth momentum ahead. "The Group has reviewed its real estate investment strategy since the pandemic setback a few years ago and the results of the past nine months is a testament of our strategic efforts to reinvent ourselves in the post-pandemic era".
According to Lim, the significant performance improvement can be attributed to I-Berhad's innovative approach "to extracting value from the land".
The Group's Property investment segment has also performed commendably, with PBT in the first 9 months of 2024 rising by 81% to RM10.48, from RM5.78 in 9M YTD 2023.
