KUCHING: Ibraco Berhad (Ibraco), a prominent builder known for its pioneering townships in Sarawak, has announced its financial results for the second quarter of the fiscal year ending Dec 31, 2023 (Q2FY2023), revealing a significant surge in profit after tax (PAT) of RM13.2mil.
This impressive figure represents a remarkable increase of 136.9 per cent compared to the corresponding quarter of the previous year, which recorded RM5.6mil in profit (Q2FY2022).
The company attributed this remarkable growth to a noteworthy 26.4 per cent boost in revenue, complemented by enhanced profit contributions from Ibraco’s Property Development segment in Q2FY2023.
Ibraco stated that successful inventory clearance, an outstanding take-up rate, and higher progress billing from the commercial shop offices at the NorthBank development were the driving factors behind this progress.
Additionally, elevated progress billing for ongoing projects and lower cost of sales further contributed to these positive outcomes.
Group managing director Datuk Chew Chiaw Han expressed confidence in the future performance of the group.
“Despite changes in home buyers’ spending behaviour, the management is confident that the group’s financial results will improve in the coming quarters due to the good take-up rate from our existing property development projects as well as the highly anticipated new launches in the new Samarahan township and Petaling Jaya.”
Chew also highlighted the positive impact of the higher order book garnered by the Group’s construction arm on the upcoming financial results and the healthy earning visibility for shareholders.
“Building upon this success, we remain focused on progressively growing our construction order book further through our active pursuit of tendering key infrastructure projects within Sarawak.”
As of June 30, 2023, Ibraco Berhad reported strong figures, with unbilled sales and an outstanding order book standing at RM267.3mil and RM922.2mil, respectively.
The company also maintains an active order book of RM500mil, showcasing its strong market position.
