Kuala Lumpur, 18 November 2024: I-Berhad has reported exceptional financial results for the third quarter of 2024, showcasing a robust performance in its leisure and property segments. For the nine months ending September 2024, the company recorded a pre-tax profit of RM27 million, marking a 2.7-fold increase compared to the same period last year.
The leisure and hospitality segment emerged as a key driver of this growth, posting a year-to-date pre-tax profit of RM14.6 million, a remarkable improvement from RM1.8 million in 2023. This success was attributed to the strong performance of DoubleTree by Hilton i-City Hotel and a surge in visitors to i-City’s theme park, spurred by the introduction of new attractions over the past year.
I-Berhad Chairman Tan Sri Lim Kim Hong expressed confidence in the company’s growth trajectory, citing its strategic pivot following the pandemic as a critical factor. He noted that the group’s redefined real estate investment strategy has begun to bear fruit, reflecting a focus on integrating digital technology, optimising land value, and combining leisure activities to foster growth. Lim highlighted the company’s commitment to building a portfolio that blends leisure with investment properties, creating a recurring income stream while offering a distinctive proposition for investors.
The leisure and hospitality segment is poised for further expansion as the group works to establish Wyndham Suites KLCC as a leading family playcation destination. Offering luxury two-room suites with 5-star experiences in play, stay, and dining, Wyndham Suites is set to strengthen I-Berhad’s position in this market. Adding to this momentum, the upcoming launch of WynSports, a 24,500 sq ft active play space at Wyndham Suites KLCC, will mark a significant milestone as the first of its kind within the Wyndham Global network and the largest hotel play space in Malaysia.
The group is also preparing for the December 2024 launch of SkyCity, which will feature a 600-metre-long glass slide and a 60-metre-high LED-lit tower. This development is expected to attract more visitors to i-City, bolstering interest in its property development projects.
The property investment segment also delivered solid results, with pre-tax profit rising 81% to RM10.48 million for the first nine months of 2024, compared to RM5.78 million in the same period last year. Higher occupancy rates across key assets, including the GBI-rated Grade A office tower Mercu Maybank, Central i-City Mall, a Tier-3 data centre, and car parks, contributed to this growth.
Despite challenges in the high-rise luxury property market, I-Berhad’s BeCentral project has continued to gain traction, particularly among young urban investors. The integration of technology-driven initiatives has further enhanced recurring revenue streams while strengthening the company’s property development and investment segments. With its innovative strategies and focus on creating sustainable income streams, I-Berhad is well-positioned to achieve continued growth in the months ahead.
