AME Elite's 2Q net profit rises fourfold to RM45.8m

• AME group managing director Kelvin Lee Chai said that strong demand was recorded not only for its existing i-Parks, but also its newly-launched 169.8-acre (68.72-hectare) i-TechValley in October, fuelling the group’s optimism about future prospects.

KUALA LUMPUR (Nov 29): AME Elite Consortium Bhd's net profit for the second quarter ended Sept 30, 2022 (2QFY2023) rose more than fourfold to RM45.81 million, from RM9.76 million a year ago, on stronger progress in its industrial parks and fair value gains from disposal of industrial properties.

In a bourse filing on Tuesday (Nov 29), the industrial space solutions provider said revenue for the quarter rose 70% to RM147.47 million from RM86.33 million.

Earnings per share rose to 7.15 sen from 1.52 sen.

For the cumulative six months ended Sept 30, 2022, AME posted a net profit of RM51.89 million, versus RM16.96 million previously, on the back of revenue of RM284.36 million against RM163.08 million previously.

In a separate statement, AME group managing director Kelvin Lee Chai said that strong demand was recorded not only for its existing i-Parks, but also its newly-launched 169.8-acre (68.72-hectare) i-TechValley in October, fuelling the group’s optimism about future prospects.

“AME’s well-managed industrial parks are gaining repute internationally as premier business destinations, and serve as important supply chain links in Southeast Asia.

“We are buoyant that our industrial parks will continue to perform well, backed by robust interest from Malaysian and overseas investors, comprising mid-scale to large companies across various sectors.

“With the sanguine outlook, we are currently sourcing for new land bank in central and southern regions [of Peninsular Malaysia] to replicate our success, with RM173.5 million of proceeds from the recent listing of AME REIT allocated for landbanking and expansion to capture more opportunities in the industrial park space,” he said.

Lee said the company is making great strides in its upcoming foothold in Penang, where it plans to build an integrated industrial park with a gross development value of RM1 billion.

“The overall business outlook is positive for AME, given the conducive investment climate,” he said.

At the midday break on Tuesday, AME had risen 2.33% or three sen to RM1.32 a share, with 111,800 shares done.