KUALA LUMPUR (Aug 27): IOI Properties Group Bhd (KL:IOIPG) has doubled its dividend for its recently ended financial year to 16 sen per share from eight sen a year earlier, after full-year net profit more than doubled and revenue hit a record RM4.44 billion.

The property developer declared an interim dividend of eight sen per share and a special dividend of another eight sen, even as net profit for the fourth quarter ended June 30, 2026 (4QFY2026) fell 36.5% to RM523.11 million from RM823.93 million a year earlier, according to a bourse filing on Thursday.

The interim and special dividends are both payable on Sept 24.

Earnings per share fell to 9.5 sen from 14.96 sen, while quarterly revenue jumped 55.8% to RM1.39 billion from RM890.21 million.

The lower quarterly net profit came despite stronger underlying performance, as fair-value gains on investment properties fell to RM288.12 million from RM915.58 million a year earlier.

Excluding one-off items, underlying profit before tax (PBT) nearly doubled to RM424 million from RM214.1 million, driven by contributions from the newly consolidated South Beach office tower and JW Marriott Singapore, the recognition of a land sale in Jalan Ampang and higher occupancy at IOI Central Boulevard Towers.

For the full FY2026, IOI Properties' net profit more than doubled to RM2.15 billion from RM1.06 billion, while revenue climbed 45.1% to a record RM4.44 billion from RM3.06 billion.

IOI Properties is heading into its new financial year with record unbilled property sales of RM2.51 billion, after recording RM3.91 billion in sales in FY2026.

Malaysian projects contributed RM3.53 billion, or 91%, of FY2026 sales, while China and Singapore accounted for RM247.7 million and RM132.3 million respectively.

Completed inventories, meanwhile, fell RM100.6 million to RM1.17 billion, mainly due to improved sales in China following a price alignment exercise.

“The strong sales momentum translated to a record high unbilled sales of RM2.51 billion, providing strong earnings visibility over the near to medium term,” group chief executive officer Datuk Lee Yeow Seng said in a separate statement.

Looking ahead, the group expects further growth from its property investment segment, driven by improving physical occupancy at IOI Central Boulevard Towers and contributions from Asia Square Tower 2, in which the acquisition is targeted for completion in the third quarter of 2026.

Its proposed real estate investment trust, which has received approval from the Securities Commission Malaysia, is on track for listing by the fourth quarter of 2026.

Shares of IOI Properties closed up two sen or 0.5% at RM3.99 on Thursday, valuing the property developer at RM21.97 billion.