KUCHING: Ibraco Berhad reported revenue of RM151.78 million for the third quarter ended September 30, 2024 (3Q2024), a 28.8 per cent increase from RM117.85 million in the same period last year.
The surge in revenue was primarily driven by the Construction segment, which saw a remarkable 145.5 per cent year-on-year (YoY) growth, reaching RM71.07 million.
This was attributed to increased revenue recognition from government construction contracts.
“We are pleased with our performance in 3Q2024 and we expect our construction segment to grow further in line with our current outstanding order book. In addition to our upcoming property development launches for the remainder of the year, we are positively optimistic of the Group’s prospects,” said Ibraco in a statement.
The company’s Profit After Tax (PAT) also rose by 24.9 per cent to RM16.03 million in 3Q2024, compared to RM12.84 million in the same period last year.
On a quarter-on-quarter (QoQ) basis, the Group recorded a substantial 60.7 per cent increase in revenue and a 146.3 per cent jump in PAT compared to the second quarter of 2024.
Ibraco Berhad has declared an interim dividend of 2.0 sen per share for the financial year ending December 31, 2024.
As of September 30, 2024, the company reported unbilled sales of RM161.28 million and an outstanding order book of RM1.08 billion.
