KUALA LUMPUR: Iconic Worldwide Bhd (IWB) posted a revenue of RM20.88 million for the third quarter (Q3) ended 31 December 2021 (FY22), an increase of 23.03 per cent from RM16.97 million recorded in the same quarter last year.

Net profit rose 42.68 per cent to RM4.68 million compared to RM3.28 million posted a year ago.

For the nine-month (9M) financial period, IWB saw its revenue and net profit increase by 74.88 per cent and 55.86 per cent to RM58.46 million and RM11.81 million, respectively, compared to RM33.43 million and RM7.58 million recorded in the period in FY21.

The increases for the current and 9M financial periods are primarily related to better revenue and contribution margins from the manufacturing segment and higher contributions from the property development segment.

Managing director Datuk Tan Kean Tet said the revenue from the manufacturing segment derived from the sales and distribution of disposable face masks.

"Therefore, we expect the contribution here will improve even more significantly in the fourth quarter (Q4) FY22 as we have just started running six glove production lines at our newly launched personal protective equipment (PPE) manufacturing facility last December.

As for the property development segment, IWB is currently reviewing the prospects of new projects to be launched utilising the available land bank.

On 15 January 2022, IWB, via its subsidiary Iconic Medicare Sdn Bhd (IMSB), launched an RM200 million glove and face mask manufacturing facility in Batu Kawan Industrial Park, Penang.

Six double former glove dipping lines have started running at the factory, with a slated six more glove dipping lines and 20 medical face mask production lines to be commissioned and installed by March this year.

IWB is also planning a new affordable housing project in Alma, Seberang Perai, Penang, which is expected to be launched in Q4 2022.

The affordable project entails 751 units of affordable homes and 16 units of shop-offices with a gross development value of RM220 million.

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