Driven by the high contribution of industrial development, IOI Properties Group (IOIPG, 5249, main board property stock) achieved a 90.87% YoY increase in net profit for the third quarter of FY2024, reaching MYR 220.214 million.

According to the report filed by the company to Bursa Malaysia on Thursday, its revenue for the third quarter increased by 59.77% YoY to MYR 921.910 million.

For the first nine months, revenue increased YoY by 11.96% to MYR 2.157 billion 135.000 million, while net profit decreased by 55.41% to MYR 516.154 million.

The company stated that overall performance has been on the rise for all businesses, thereby successfully boosting net profit performance.

CEO Lee Yeow Seng stated in a press release that despite facing headwinds in domestic and international markets, the group's diversified and stable portfolio income from property investments, as well as the improvement in the market situation of hotels and leisure business, is expected to continue to boost its profitability.

At the close of trading on Thursday, IOI Properties Group closed at MYR 2.44, down 4 sen or 1.6%, with a volume of 11.1782 million shares.