26 February 2025
IGB Berhad recorded positive growth for the financial year ended 31 December 2024 with revenue increasing by 5% to RM1.67 billion compared to RM1.60 billion in the preceding financial year. Correspondingly, profit after tax increased 33%, to RM416 million from RM311 million.
For 4Q24, IGBB recorded revenue of RM438.1 million, a 3% increase from RM423.5 million in 4Q23 whilst PBT was higher by 1% at RM164.0 million compared with RM161.8 million. The revenue growth, it said was driven primarily by the hotel segment’s increase in revenue of 15% attributed to higher average occupancy and average room rates.
The commercial segment, spearheaded by IGB Commercial REIT, reported revenue growth of 5% for 4Q24 to RM59.1 million from RM56.2 million, underpinned by increased rental income across its portfolio. The retail segment delivered steady results with revenue growing by 3% from RM224.3 million for the quarter against RM218.3 million. The group saw its higher revenue coming mainly from The Mall, Mid Valley Southkey’s increased rental income.
The Group’s earnings per share (EPS) for Q424 was 6.13 sen bringing the full year EPS to 31.11 sen, higher by 8.00 sen or 35% compared to 2023.
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