Ibraco launches new projects at The NorthBank

KUCHING: Ibraco Bhd has launched new major commercial and residential projects in its flagship development — The NorthBank — here. 

“We have successfully launched another commercial development comprising 3-storey shops, single storey lock-up and 8-storey commercial blocks known as NorthBank Commercial Centre.

“Also (launched) is Corliss Residence comprising 330 units of service apartments which attracted a very encouraging response,” said the property developer as it released its third quarter to Sept 30, 2023 (3Q2023) financial results.

In the current quarter under review, Ibraco posted strong earnings with group net profit surging to about RM12.5 million (3Q2022: RM6.6 million) as revenue soared to RM117.9 million (RM61.8 million) or by 91 per cent. Earnings per share rose to 2.28 sen from 1.21 sen.

The higher revenue was boosted by a sharp increase in turnover of property development activities which grew to about RM81.1 million (RM43.8 million), lifting its pre-tax profit to RM15.8 million (RM6.5 million).

The construction works segment reported revenue of about RM29 million (RM9.2 million) and higher pre-tax profit of RM663,000 (RM136,000).

However, the quarry operation segment posted lower revenue of RM5.1 million (RM6.7 million) and lower pre-tax profit of RM564,000 (RM601,000).

Ibraco said its revenue in 3Q2023 was primarily recognised from the sales of apartment suites at ContiNew, Kuala Lumpur, the NorthBank Renna Residence and Horizon Residence at Bintulu Town Square, sales of townhouses at The NorthBank Alyvia Residence, sales of apartments at IXORA Court, sales of 3-storey semi-detached houses at Crestwood.

Also contributing to the revenue were sales of 3-storey shop offices at The NorthBank Business Exchange Phase 2, Tabuan Tranquillity Phase 3 Stage 2 and Bintulu Town Square, sales of 3-storey shops, single storey lock-up shops and 8-storey The NorthBank Commercial Centre.

The revenue from the construction segment was generated by NR4 — Northern Regional for Sarawak water supply grid programme — stressed area project, construction of building works for the Sarawak methanol project, Sarawak government project. Also bringing into revenue were quarry operation, clubhouse operation, ready-mixed concrete operation and rental income from investment properties.

On a nine-month 2023 period (9M2023), Ibraco reported sharply higher group net profit of RM36.1 million (9M2022: RM16.4 million) in line with increase in revenue to RM286.5 million (RM189.6 million).

As compared to 2Q2023, Ibraco reported a 32 per cent jump in group revenue to RM117.9 million in 3Q2023 (2Q2023: RM89.4 million) but group net profit dipped to RM12.5 million (RM13.3 million).

On The NorthBank development, Ibraco said on-going projects include Renna Residence offering 296 units of service apartment, 36 units of semi-detached house at Crestwood Estates and shop office development.