Iconic Worldwide targets doubling revenue to RM150 million by FY2027

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Iconic Worldwide targets 2027 revenue

Highlights

Iconic Worldwide targets revenue of RM150 million for FY2027, up from RM87.61 million in FY2026 and RM47.4 million in FY2025, driven by its development project in Penang.
Iconic Harmony, with a gross development value of RM300 million, is expected to contribute more than RM200 million in recognised revenue over the next two financial years; the property business is projected to generate RM120 million in revenue.
Iconic Worldwide shares rose 4.55% to 11.5 sen on Wednesday, giving it a market capitalisation of RM194 million, supported by its property, manufacturing and hospitality segments.

This article was translated from the original. Read the original version by our correspondent here.

Revenue drivers through FY2027

As reported by The Edge Malaysia, Iconic Worldwide expects revenue to reach RM150 million for the financial year ending 30 June 2027, after recording RM87.61 million in FY2026, compared with RM47.4 million in FY2025.

The group’s net profit rose to RM9.35 million in FY2026 from RM3.15 million in FY2025. The increase was driven by strong demand for Iconic Harmony, a high-rise mixed-use development in Penang, which is expected to hand over all units sold before the end of 2027.

Its executive chairman, Datuk Tan Kean Tet, said in a statement on Wednesday that Iconic Harmony, launched in April 2024, has an estimated gross development value of RM300 million. As of FY2026, approximately RM80 million in sales had been recognised as revenue, with more than RM200 million expected to be recognised over the next two financial years.

The group is also working to launch its next development project in Penang during the same period. According to Tan, the property business alone is expected to contribute RM120 million in revenue, largely driven by unrecognised revenue from Iconic Harmony.

Segment contributions and market impact

The group’s manufacturing business, which includes personal protective equipment and baby care products, is expected to contribute around RM30 million to RM40 million in revenue. Meanwhile, the hospitality segment is projected to generate RM10 million from hotel and serviced apartment management.

Hospitality performance is supported by demand for Iconic Regency’s serviced apartments, which have recorded an average occupancy rate of 80% to 90%. The combined performance of the three segments shows that the group’s diversification strategy continues to be a key driver of revenue growth ahead of FY2027.

Iconic Worldwide shares rose 4.55% to 11.5 sen apiece on Wednesday, bringing its market capitalisation to RM194 million.

In our earlier report on the digital launch of Menara C at Sunway Velocity 3, we highlighted how strong demand for Menara A and B (a 98% take-up rate) prompted Sunway Property to open the project’s final phase in Kuala Lumpur. The article also covered more than 100 unit bookings made online through the new digital portal, as well as the location and MRT/LRT access that strengthen the project’s appeal in the urban residential market.

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