PUTRAJAYA, Nov 24 (Bernama) — IOI Properties Group (“IOIPG”) has recorded a revenue of RM691.5 million in Q1 FY2023 which is a 60% increase compared to the preceding year corresponding quarter. The Group’s strong start is attributed to better performances across all its business segments particularly the hospitality and leisure segment which saw a sterling recovery of more than 400% in revenue. Profit before tax was recorded at RM689.7 million following a recognition of fair value gain of RM470.4 million arising from the completion of IOI City Mall Phase 2 and a strong turnaround of hospitality and leisure and property investment segments.
In the property development segment, the Group achieved a revenue of RM529.9 million, which is a 46% increase compared to the preceding year corresponding quarter. This was attributable to higher sales contributions from Malaysia operations despite the property industry being impacted by inflationary pressures and global supply chain disruptions.