I-Berhad posts vibrant Q4 financial results

PETALING JAYA: I-Berhad posted profit before tax of RM7.2 million in the fourth quarter of 2023 (Q4’23), an increase of 14%, thanks to the strengthening of i-City’s position as a notable vibrant destination in Shah Alam for immersive experiences, dining and living.

The group reported revenue of RM44.5 million for Q4’23, an increase of RM2.2 million from RM42.3 million in the corresponding quarter ended Dec 31 2022.

I-Berhad chairman Tan Sri Lim Kim Hong (pic) said the group’s focus on positioning i-City as a vibrant destination has created sustained long-term multiplying effects for its property development, property investment and leisure divisions in the face of a dynamic economic landscape.

As at Dec 31, 2023, the group’s unbilled sales for BeCentral increased by 30% to RM112.8 million from RM87.3 million in 2022.

Lim said the group laid a strong foundation for a thriving city through various business innovation, enhancement and partnership projects last year. This has resulted in consistent demand in i-City, including a five-times increase in footfall, leading to more commercial activities and revenue for retail partners. The cascading effects left a positive imprint on its property investment division – DoubleTree by Hilton i-City and Best Western Hotel, Central i-City Mall and CityWalk i-City.

Capitalising on the upswing this year, iBerhad will focus on targeted marketing initiatives for BeCentral while continuing to solidify i-City’s position as a notable destination in Shah Alam city centre through various enhancements.

Lim disclosed that the group is strengthening its investment properties portfolio by maximising returns from key components such as Mercu Maybank Corporate Tower, data centre, Central i-City Mall and car-parking blocks.

“Our goal is to create a compelling value proposition for tenants and business partners befitting of our billion-dollar investment properties. Similarly, the leisure and hospitality segment will be another focus in 2024, with investments aimed at enhancing the visitor experience and reinforcing i-City’s reputation as a vibrant destination for leisure and entertainment,” he said