IBI Group expects up to $56m profit

The Group’s preliminary estimates saw an increase in profit of between $51.9m and $56.2m.

Hong Kong-listed Contractor IBI Group Holdings Limited projected its net profit attributable to owners to stand between $51.9m to $56.2m for the year ended 31 March 2021.

This will reflect around 140% to 160% of increase, copmared to the $21.6m recorded in the same period last year.

“We are pleased to record remarkable results amid this challenging year with COVID-19 ravaging the global economy on an unprecedented scale,” Neil Howard, Chairman and CEO of IBI said.

“During the year, we have made good use of our internal resources and have invested in numerous international blue-chip companies with a long history and strong fundamentals.”

The Group attributed the significant increase to the realised and unrealised fair value gain from investments in listed equities.

Howard noted the company delivered stable performance despite the continuing impact of the pandemic.

It has also completed a number of construction projects, including luxury projects for the Hong Kong Jockey Club and the Man Wah and Aubrey restaurants for the Mandarin Hotel in Central.

“Armed with the strong foundation of our core business, as well as the outstanding performance of our strategic investments, it is believed that we are well-positioned to capture future opportunities that will maximise value for our shareholders,” Howard also said.