KUALA LUMPUR: I-Berhad saw a notable increase in pre-tax profit, rising by 14 per cent to RM7.2 million in the fourth quarter of the fiscal year ending December 31, 2022 (4Q2023), primarily attributed to the strengthening status of i-City as a premier living and dining hub in Shah Alam.
The company's revenue rose by RM2.2 million compared to the corresponding quarter of the previous year, reaching RM44.5 million in Q4 2023 from RM42.3 million in Q4 2022.
Tan Sri Lim Kim Hong, the chairman of I-Berhad, emphasised the company's strategic focus on establishing i-City as a vibrant destination, which has generated sustainable long-term benefits across its property development, property investment, and leisure sectors amidst a dynamic economic environment.
As of Dec 31, 2023, unbilled sales for the BeCentral residential development had surged by 30 percent to RM112.8 million, reflecting the success of the company's initiatives, he said in a statement.
Lim highlighted the significant increase in foot traffic within i-City, resulting in heightened commercial activities and revenue for retail partners.
He also noted the positive impact on the company's property investment division, citing successes in DoubleTree by Hilton i-City, Best Western Hotel, Central i-City Mall, and CityWalk retail.
Looking ahead, Lim outlined the company's strategies for 2024, including targeted marketing efforts for BeCentral and ongoing enhancements to solidify i-City's position as a prominent destination.
Additionally, emphasis will be placed on optimising returns from key investment properties such as the Mercu Maybank Corporate Tower, data centre, Central i-City Mall, and parking blocks.
Lim emphasiaed the goal of creating compelling value propositions for tenants and business partners, aligning with the company's billion-dollar investment properties.
Moreover, investments will be directed towards enhancing the leisure and hospitality segment to elevate the visitor experience and reinforce i-City's reputation as a vibrant leisure and entertainment destination, he said.
