Spanning 13ha and accounting for 22% of the entire The Light Waterfront Penang masterplan, IJM Land’s The Light City features a combination of inter-connected components namely the Penang Waterfront Convention Centre, The Waterfront Shoppes, hotel and office tower, commercial tower, and luxurious highrise residences. KUALA LUMPUR: IJM Corporation Bhd posted a strong set of financial results for the third quarter ended Dec 31,2020 (3Q FY2021) as its net profit jumped 190.4% to RM144.49mil from RM49.76mil a year ago. Announcing its results on Thursday, it said group revenue rose by 18.9% to RM1.71bil from RM1.44bil a year ago. Its profit before tax (PBT) increased by 70.3% to RM278.5mil compared with RM163.6mil in 3Q FY2020. IJM said the strong revenue and earnings were because all the group’s businesses were fully operational post lifting of movement control restrictions in 2Q FY2021. It highlighted the RM2bil in construction order book in 2020, including the recently awarded RM1.18bil packages at The Light City, Penang, provides near term earnings visibility. “Property sales of RM400mil in 3Q FY2021 underscores healthy demand in the mid-segment market, ” it said. IJM added its healthy net gearing ratio of 44.6% provides resilience to tide through short-term uncertainties. IJM CEO and managing director Liew Hau Seng said following the resumption of operations across the group’s businesses in the previous quarter, “we were, by this third quarter, familiar with the new standard operating procedures and were in compliance with the enhanced health and safety protocols”. Liew said all the group’s businesses were able to continue operating when the Conditional Movement Control Order (CMCO) was reintroduced in certain states on Oct 14. “With the exception of lower revenue reported by the toll division due to the CMCO, the improvement in the group’s financial performance in the quarter was broad-based with all business divisions posting higher revenue and profits compared to the same quarter last year, ” he said. He said with the group’s construction site activities fully operational throughout the quarter, revenue of the construction division increased by 7.9% this quarter to RM520.3mil from a year ago. Profit before tax for the quarter increased 42.4% to RM40.5mil. The group’s property division reported revenue of RM529.8million in 3Q FY2021, up by 63.0% than RM325.1mil a year ago mainly due to higher sales of completed stocks as well as the completion of certain projects such as Suria Pantai in Pantai Sentral Park, Ara Impian in S2 Heights, Seremban, and Riana South in Cheras. The division reported a PBT of RM71.7 million in the quarter, up by 13% compared to RM63.5mil a year ago. The industry division saw a 3% increase in revenue to RM198.3mil in 3Q FY2021. It recorded a PBT of RM19mil, up by 44.3% from RM13.1mil a year ago. As for the group’s infrastructure division, its revenue fell by 4.9% to RM192.8mil mainly due to lower local traffic volume across its highway concessions from the implementation of CMCO. However, it reported a PBT of RM44.7mil for the quarter, a 62.2% increase compared to RM27.5mil in 3Q FY2020. IJM said this was mainly due to higher cargo throughput handled by the group’s Kuantan Port operations, favourable foreign exchange movements as among the factors. The plantation division reported a 14.4% increase in revenue for the current quarter to RM272mil mainly due to higher commodity prices. Liew said at end-December 2020, IJM has a healthy outstanding construction order book of RM5bil that comprises a good mix of private and public sector projects, providing the group with good earnings visibility over the next few years.
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