Newly listed Radium posts better 3Q earnings, up 46% q-o-q

• According to Radium, its revenue and profit for the quarter under review came mainly from the Residensi Vista Sentul, Suite Canselor and Residensi Desa Timur projects.

KUALA LUMPUR (Nov 28): Radium Development Bhd, which was just listed on the Main Market of Bursa Malaysia less than half a year ago on May 31, posted a net profit of RM3.76 million for its third quarter ended Sept 30, 2023 (3QFY2023), on the back of revenue of RM46.78 million.

This represents a 46.3% jump in earnings compared to the RM2.57 million it made in 2QFY2023, as revenue rose 67.55% from RM27.92 million. The group logged a net profit of RM2.94 million in 1QFY2023.

Earnings per share was 0.11 sen, the property developer’s bourse filing showed on Tuesday. There are no comparative figures on the preceding year's corresponding quarter as this is the third interim financial report filed by the company to Bursa.

According to Radium, its revenue and profit for the quarter under review came mainly from the Residensi Vista Sentul, Suite Canselor and Residensi Desa Timur projects.

It posted a net profit of RM9.27 million for the first nine months of FY2023, on revenue of RM100 million.

On its prospects, the group said key contributors for the remaining quarter of 2023 are the Residensi Wilayah component (launched in May 2023) and Suite Apartment component (launched in June 2023) of Residensi Desa Timur, with an estimated combined gross development value of RM1 billion.

It also expects current conditions of Malaysia My Second Home (MM2H) applications to be eased, which it expects will benefit Suite Canselor, the group’s first commercial-residential development with a hotel component.

Meanwhile, the group said it plans to expand its business through the acquisition of landbanks and joint venture arrangements for future projects in the Klang Valley to meet the demand for residential property market here.

Radium shares closed unchanged at 39.5 sen on Tuesday, giving the group a market capitalisation of RM1.37 billion. The stock has fallen 21% from its initial public offering price of 50 sen.

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