KUALA LUMPUR, 25 NOVEMBER 2024 – Lagenda Properties Berhad (“Lagenda” or “the Group”, KLSE: LAGENDA (7179)), a leading affordable housing and integrated township developer posted a 22.6% year-on-year increase in net profit to RM47.3 million for the third quarter ended 30 September 2024 (“Q3FY2024”).
During Q3FY2024, the Group recorded revenue of RM283.4 million, representing a significant year-on-year increase of 30.1% compared to RM217.9 million in the same quarter of the previous year. This growth was driven by an increase in revenue across the property development, construction, and trading segments. Specifically, the property development segment registered a 50.5% increase in revenue, spurred by the successful launches of new projects such as Darulaman Lagenda Phase 3A (Kedah), Lagenda Suria Phases 1A and 1B (Johor), Puncak Warisan Phase 1 (Johor) and Lagenda Aman (Perak).
The Group also achieved a new milestone in this quarter, recording its highest-ever quarterly property sales of RM349 million, with contributions from the states of Perak, Johor, and Selangor.
As of 30 September 2024, the Group reported unbilled sales of RM835.2 million and additional bookings totalling RM306.5 million, further strengthening its earnings outlook.
On a year-to-date basis, Lagenda recorded a 24.9% increase in net profit to RM 138.5 million, compared to RM 110.9 million in the previous year, while revenue rose by 26.8% to RM754.9 million from RM595.2 million.
Notably, Lagenda’s property sales reached RM869 million over the past nine months, marking a 9% increase compared to the same period of the previous year. This achievement is proof of the widespread acceptance of Lagenda’s affordable housing model among Malaysians nationwide.
Managing Director of Lagenda, Dato’ Jimmy Doh Jee Ming <拿督卓致明> said, “Achieving record-breaking sales this quarter is evidence of the sustained demand for affordable housing as we continue expanding nationwide and is a testament to our team’s dedication and hard work. Together, we will continue building homes that empower communities and contribute to a brighter future for the country.”
Looking ahead, Lagenda emphasised the positive impact of the measures introduced in Budget 2025 for the property development sector, particularly in affordable housing. Notable initiatives include a RM10 billion allocation for government-guaranteed loans of up to RM500,000 for first-time homebuyers and a tax relief of up to RM7,000 for this group. Furthermore, the recently announced phased salary increments for civil servants across the country are expected to boost demand further.
“Lagenda remains steadfast in its mission to provide affordable homes at strategic locations, ensuring that quality housing is accessible to the masses. The initiatives outlined in Budget 2025 align perfectly with our vision, reinforcing our commitment to meeting the needs of first-time homebuyers and supporting the B40 and lower-M40 communities.” Dato’ Jimmy Doh added.
Earnings per share (EPS) for Q3FY2024 increased to 5.64 sen, up from 4.63 sen in the same quarter a year ago, representing a growth of 21.8%.