KUALA LUMPUR: IGB Bhd
maintains a prudent outlook regarding the obstacles facing the expansion of retail sales in 2023.
IGB said these challenges have the potential to impact both the tenants' activities in shopping malls and the overall financial performance of this sector.
“Nonetheless, the board expects the contribution from this segment to be satisfactory,” IGB said in a filing with Bursa Malaysia.
On commercial property investment, IGB noted an overall improvement in the average occupancy rates across the group's buildings in both Mid Valley City and KL City Centre during the year.
“Along with this positive trajectory, we anticipate that rental reversions will remain relatively stable, and rental aid for eligible tenants is expected to be minimal,” it said.
IGB’s net profit rose 21.3% to RM58.03mil, or earnings per share of 4.30 sen in the third quarter ended Sept 30 compared with RM47.8mil, or 3.54 sen in the same corresponding quarter last year.
Its revenue increased by 26% to RM395.1mil from RM313.9mil a year ago due to higher contributions from all segments.
In the first nine months to Sept 30, IGB posted a net profit of RM226.1mil, up 61.1% from RM140.3mil a year prior while revenue expanded 29.2% to RM1.17bil against RM908.1mil last year.
IGB has declared an interim dividend of 5.0 sen per ordinary share and a special single-tier dividend of 2.0 sen per ordinary share for the financial year ending Dec 31, payable on Dec 21.
