Iconic Worldwide targets RM150mil revenue as property sales drive growth

KUALA LUMPUR: Iconic Worldwide Bhd is targeting a near-doubling of revenue to RM150 million for the financial year ending June 30, 2027 (FY27), driven primarily by property sales and supported by manufacturing and hospitality income.

The company expects its property development segment to contribute up to RM120 million in revenue, mainly from sales of its Iconic Harmony high-rise mixed development in Bukit Mertajam, Penang.

The manufacturing business, which includes personal protective equipment (PPE) and babycare products, and rental income from its factory leased to Aperion Technologies (Malaysia) Sdn Bhd, is expected to contribute between RM30 million and RM40 million.

In a statement, the company said the hospitality segment is projected to generate RM10 million in revenue from hotel and serviced apartment management.

Executive chairman Datuk Seri Tan Kean Tet said the RM150 million target would represent a near-doubling of revenue year-on-year and position the group for stronger bottom-line performance.

He said the target was supported by demand for Iconic Harmony, which has an estimated gross development value (GDV) of RM300 million.

As of FY26, about RM80 million in sales from the development had been recognised as revenue, leaving more than RM200 million to be recognised over the next two financial years.

Construction of Iconic Harmony is progressing as scheduled, with completion expected in mid-2027. The group expects all sold units to be ready for delivery before the end of that year.

Iconic Worldwide is also working towards launching its next development project in Penang in the second half of 2027.

Beyond property development, the group is looking to strengthen recurring income through its hospitality and manufacturing businesses.

Tan said Iconic Regency, a serviced residence managed by the group's hospitality arm, continued to record an average occupancy rate of between 80 per cent and 90 per cent.

Although property management remains a smaller revenue contributor, the company sees potential to expand the business by securing additional management contracts.

The rental of its factory to Aperion Technologies is expected to generate fixed annual rental income of at least RM12 million, providing a more stable source of revenue.

For FY26, Iconic Worldwide recorded revenue of RM87.61 million, up 84.8 per cent from RM47.40 million in FY25.

The property segment more than doubled its revenue to RM58.55 million from RM24.42 million previously, while the manufacturing segment contributed RM18.81 million, supported by income from the factory lease to Aperion Technologies.

The remaining RM10.25 million in revenue came mainly from the hospitality segment.

Net profit more than tripled to RM9.75 million in FY26 from RM3.15 million a year earlier.

Tan said the group would focus on delivering its projects, expanding its revenue base through recurring income and managing operating costs prudently to support sustainable growth.