Iconic Worldwide Bhd is chasing RM150 million in revenue for the financial year ending 30 June 2027, a near-doubling from the RM87.61 million it booked a year earlier, with property sales doing most of the lifting.
Up to RM120 million of that is expected to come from property development, mainly sales of Iconic Harmony, its high-rise mixed development in Bukit Mertajam, Penang (NST, 28 Oct).
Manufacturing, which covers personal protective equipment and babycare products, plus rental income from a factory leased to Aperion Technologies (Malaysia) Sdn Bhd, is guided at RM30 million to RM40 million. Hotel and serviced apartment management should add another RM10 million.
Executive chairman Datuk Seri Tan Kean Tet tied the target to demand for Iconic Harmony, a project launched in April 2024 with an estimated gross development value of RM300 million, The Star reported.
About RM80 million of sales from the development has already been recognised as revenue, leaving more than RM200 million to flow through over the next two financial years. Malaysian developers typically recognise such revenue progressively as construction advances, rather than in one lump at handover, so the remaining sum sits on future results rather than this year’s.
Construction is running to schedule. Completion is expected in mid-2027, with all sold units ready for delivery before the end of that year. A further Penang launch is planned for the second half of 2027.
Recurring income is the second leg of the plan. Iconic Regency, the serviced residence run by the group’s hospitality arm, holds an average occupancy rate of between 80 and 90 per cent, and the company sees room to grow by taking on more management contracts. The factory lease to Aperion is expected to throw off fixed annual rent of at least RM12 million.
Those figures rest on a strong FY26. Revenue rose 84.8 per cent to RM87.61 million from RM47.40 million, carried by the property segment, which more than doubled to RM58.55 million from RM24.42 million. Manufacturing contributed RM18.81 million, and the remaining RM10.25 million came mainly from hospitality.
Net profit more than tripled to RM9.75 million from RM3.15 million.
Tan said the group would concentrate on delivering its projects, widening its recurring income base and keeping operating costs in check to support growth over the longer term.
