Lagenda reports net profit of RM35.7m for Q3 2022
kuala lumpur: Affordable housing and integrated township developer Lagenda Properties Berhad today announced its third quarter financial results for the three months ended 30 September 2022 (“Q3 2022”). bottom.
In the first nine months of this year, the Group’s revenue increased by 8% year-on-year to MYR 632 million, and its profit after tax (PATAMI) was MYR 133.1 million. In Q3 2022, Lagenda posted a revenue decline of just 2% at RM180.7 million compared to his RM185.2.
1 million in Q3 2021.
PATAMI for Q3 2022 was RM35.7 million compared to RM45.5 million in the same period last year. The decrease in PATAMI was primarily due to upfront costs incurred in preparation for the launch of multi-state projects in the next few quarters, as well as prosperity tax provisions. Lagenda also announced the adoption of a dividend policy to pay out at least 25% of consolidated PATAMI as dividends. It will come into effect in 2022 and will be reviewed every two years.
In October 2022, the group launched a new township, Darulaman Lagenda, in Sungai Petani, Kedah. All 282 units were booked in just a few days, meeting overwhelming demand.
This puts Lagenda on track to replicate its business model and success in other states and achieve its vision of becoming a national affordable housing developer. The group plans to launch another 1,000 units of the Darulaman Lagenda soon.
Datuk Jimmy Doh, Managing Director of Lagenda, said:
As at 30 September 2022, the Group’s unbilled turnover was MYR 653.6 million, the majority of which will be reflected in earnings going forward.
quarter. We are currently present in two states and aim to enter two more new states in 2023.
He said he remains confident in the demand for affordable housing despite certain headwinds facing the real estate industry, such as rising interest rates and strict loan approvals.
“Most states in Malaysia have a shortage of housing that B40 groups can grasp, leading to a large addressable market for Lagenda. You can still stay insulated to some extent during the season.As the majority of Malaysians continue to prioritize affordable living space with quality lifestyle facilities, we are expanding our We believe there is an opportunity to increase the presence of