Ibraco A Beneficiary Of Sarawak’s Infra Boom

KUCHING (July 9): As a Class A Contractor certified with ISO 9001:2008, developer Ibraco Bhd (Ibraco) stands to gain from Sarawak’s strong medium to long-term economic prospects as well as its infrastructure boom.

Ibraco has a landbank of 733 acres across Kuching, Bintulu and the Klang Valley with a collective gross development value (GDV) of RM5.6 billion.

Analysts at TA Investment Bank Bhd (TA Research) estimated Ibraco’s net profit to increase at a five-year cumulative annual growth rate of 24.2 per cent to RM69.5 million, supported by unbilled sales of RM209 million and an outstanding construction order book of RM1.2 billion.

For financial year 2024 (FY24), management is setting its sights on achieving new sales of RM400 million, bolstered by planned launches worth RM1.6 billion.

However, TA Research viewed this sales target as rather conservative, given the robust demand for properties and the substantial pipeline of new launches.

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