Ibraco posts positive growth for 2QFY18, aims for more good opportunities in 2018

KUALA LUMPUR: Ibraco Bhd (Ibraco) recorded RM49.34 million revenue for the second quarter of the financial year 2018 (2QFY18), a significant jump of 120.86 per cent as compared with RM22.34 million recorded in 2QFY17.

In a press statement, it also noted that the company registered a profit before tax (PBT) of RM8.09 million and a profit after tax (PAT) of RM5.74 million.

It explained that the improvement in revenue for 2QFY18 was mainly contributed by its property development division, driven by sales of its various property development projects, which contributed approximately 76.67 per cent at RM37.83 million.

In addition, following the construction of the new airport in Mukah, Sarawak, the company registered income of approximately 21.16 per cent at RM10.44 million for the division of construction works as well as rental income from investment properties.

Aside from that, the group reported revenue of RM81.84 million for the first half of financial year 2018 (1HFY18). Similarly, both PBT and PAT were at RM11.33 million and RM8.20 million respectively in 1HFY18 as compared to RM7.83 million and RM7.02 million for 1HFY17 correspondingly.

Managing director of Ibraco, Datuk Chew Chiaw Han shared, “We are on track with our internal target and we remain confident that the upcoming financial results will upsurge as our unbilled sales as at June 30, 2018 stood at RM267.81 million and RM241.86 million for our outstanding order book.

“Besides that, we continue to look out for good opportunities in 2018 to launch new projects, comprising residential and commercial properties on our existing 623 acres land bank.

“Additionally, with our extensive experience via construction works conducted in the Airport of Mukah, Sarawak, I believe it can be bring us further within this segment.

“We will also be actively participating in bidding for the government’s construction and infrastructure projects.”

On the progress of its projects, Ibraco officially launched its first project in The NorthBank - Nova 72, in March 2018 with an estimated gross development value (GDV) of more than RM80 million. Nova 72 consists of 50 units of double-storey terrace houses ( DST), 14 units of double- storey semi- detached houses (“DSSD”) and 8 units of three-storey semi-detached houses ( 3SSD). The DST and DSSD were sold out on the launch date except the 3SSD, which were launched at the end of June 2018.

“We are proud to share that our first project in The NorthBank has sold out on the launch date itself, as this provides a positive indicator for our subsequent developments for The NorthBank.

“We are also always monitoring closely the market demand for our products as well as to adopt a prudent approach in respect of any new projects. With that, we are set to further participate in our next major and highly anticipated mixed development project at The NorthBank in this year,” Chew added.

The integrated development – The NorthBank is situated on 123 acres of land, which is located right across from one of the Company’s iconic projects, Tabuan Tranquillity.

Combining the popularity of landed residences with the growing trend of high-rise developments complemented with commercial components, The NorthBank offers various types of residences built within a walking distance with commercial units, office spaces, social clubhouses and an educational institution proudly known as Tunku Putra-Help International School, which is targeted to commence by January 2020.

Additionally, riding on the success of ContiNew Kuala Lumpur, the company has entered into a separate sale and purchase agreement with Milan Sanctuary Sdn Bhd and Jurapat Sdn Bhd to acquire one 15,811.66 square meters leasehold land located at Bandar Petaling Jaya Selatan for an aggregate consideration of RM37.44 million.