Iconic Worldwide targets Penang launch in first half of 2027

Iconic Worldwide Bhd expects to launch a new Penang development in H1 2027, while targeting completion of its Iconic Harmony project in Bukit Mertajam by June that year. The group's property development revenue surged 139.8% to RM58.55 million in FY2026, contributing 66.8% of group revenue.

PETALING JAYA (Oct 29): Iconic Worldwide Bhd expects to launch its next property development in Penang in the first half of 2027, while targeting completion of its ongoing Iconic Harmony project in June that year.

In its annual report for the financial year ended June 30, 2026 (FY2026), submitted to Bursa Malaysia on Wednesday (Oct 28), the group said property development would remain its core activity in the coming financial year. It did not provide further details of the planned launch in its outlook statement.

Iconic Harmony comprises 751 affordable housing units in Bukit Mertajam, Penang, with a gross development value of RM250 million, according to the report. The group expects all sold units to be ready for delivery before the end of 2027.

Property development remained its largest revenue contributor in FY2026, with segment revenue rising 139.8% to RM58.55 million from RM24.42 million a year earlier. Its share of group revenue increased to 66.8% from 51.5%, while segment pre-tax profit rose to RM9.12 million from RM3.01 million.

Group revenue increased 84.8% to RM87.61 million from RM47.4 million. Net profit attributable to shareholders more than tripled to RM9.75 million from RM3.15 million, while basic earnings per share rose to 0.58 sen from 0.19 sen. Pre-tax profit increased to RM11.49 million from RM3.06 million. The FY2026 result included a non-cash fair value gain of RM5.92 million on investment properties.

The group said the level and timing of property development revenue recognition depended on development progress. Development costs incurred during FY2026 increased to RM52.32 million from RM35.79 million.

Its hospitality services segment returned to profitability, recording a pre-tax profit of RM408,000 against a loss of RM533,000 in FY2025. Revenue increased 50.7% to RM9.65 million. Manufacturing segment revenue rose 17.7% to RM18.81 million, supported by RM3.36 million in rental revenue from its Batu Kawan facility. Sales of goods fell 3.3% to RM15.45 million, while segment pre-tax profit increased to RM2.01 million from RM779,000.

Looking ahead, the group expects continued contributions from hospitality services and its personal protective equipment business, alongside a full year of rental revenue from letting its manufacturing facilities to a third party. The letting business commenced in April 2026.