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apple developer(buyappleacc.com):IOI Properties FY21 revenue rises 18%

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,IOI Properties chief executive officer Datuk Voon Tin Yow (pic) said the group had achieved sales of RM2.3bil, surpassing its sales target of RM2bil for FY21.

PETALING JAYA: IOI Properties Group Bhd recorded a net profit of RM660.20mil for the financial year ended June 30, 2021 (FY21) from RM504.69mil in the previous year.

Revenue increased 18% to RM2.48bil from RM2.11bil previously, mainly due to the better sales performance from its Malaysian operations, driven by dynamic sales and marketing campaigns.

For the fourth quarter (Q4) net profit, IOI Properties said it surged to RM118.37mil from RM44.06mil a year ago, while revenue climbed to RM658.64mil compared to RM610.47mil previously.

“The increase in revenue is contributed by all the operating segments of the group,” it said in a stock exchange filing.File pic shows people looking at IOI Properties promotions.

The group said it would continue to leverage on its digital marketing capability, aggressive sales campaigns, and the recently extended Home Ownership Campaign to drive sales of the mid-price range of products in tandem with the market demands.

It said the property developments in China would continue to contribute to the group’s financial performance in the next financial year, while IOI Palm City Mall in Xiamen has secured high levels of occupancy and the mall business is expected to commence operation in Q3 of this year.

For the retail segment in Malaysia, it said the group would continue to adopt active and pragmatic tenant retention strategies to maintain occupancy rates.

IOI Properties chief executive officer Datuk Voon Tin Yow (pic) said the group had achieved sales of RM2.3bil, surpassing its sales target of RM2bil for FY21.

“The group anticipates a longer recovery time for the hospitality and leisure segment due to the Covid-19 pandemic and the prolonged travel restrictions,” he said in a separate statement.

Nevertheless, he said the group would continue with its prudent and professional management to manage its operations to deliver satisfactory performance in the coming financial year ― Bernama


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