Iconic Worldwide Bhd has achieved a remarkable turnaround by returning to the black for the first quarter ended Sept 30, 2024 (1Q25) with a net profit of RM1.92 million compared to a net loss of RM5.81 million a year ago.

The group's 1Q25 revenue also rose by 61.53% to RM12.32 million from a year ago. The growth was driven by strong market demand for Iconic Harmony, the group's newly launched high-rise mixed development in Bukit Mertajam, Penang.

Launched in April 2024, Iconic Harmony comprises residential and commercial components including 751 residential units and 16 shoplot units with an estimated gross development value of RM270 million. The project has been a notable commercial success, achieving a 70% take-up rate within two days of its soft launch.

Overall, the group's property development segment reported a net profit of RM1.38 million compared to a net loss of RM0.3 million a year ago.

Additionally, the group's profitability was aided by the turnaround of its manufacturing segment, which delivered a net profit of RM0.61 million. For perspective, the manufacturing segment reported a net loss of RM7.97 million during the same financial period a year ago.

Iconic Worldwide Executive Chairman Datuk Seri Tan Kean Tet said the group are on course for a turnaround in the financial year 2025 with improved financial performance in 1Q25.