KSL posts 43% jump in 3Q net profit on contributions from flagship projects

• Quarterly revenue rose 40.5% to RM267.31 million from RM190.26 million in 3QFY2022, the group's filing on Bursa Malaysia on Wednesday showed.

KUALA LUMPUR (Nov 29): Property developer KSL Holdings Bhd has posted a 43.1% jump in its net profit for the third quarter ended Sept 30, 2023 (3QFY2023) to RM84.58 million from RM59.12 million a year ago, mainly contributed by the group’s flagship property projects in Johor Bahru, Kluang and Klang.

Quarterly revenue rose 40.5% to RM267.31 million from RM190.26 million in 3QFY2022, the group's filing on Bursa Malaysia on Wednesday showed.

Basic earnings per share stood at 8.31 sen compared with 5.81 sen previously.

For the nine-month period ended Sept 30, 2023 (9MFY2023), KSL recorded a net profit of RM285.07 million, more than double the net profit it recorded in the same period last year at RM125.91 million, as revenue leaped 92.7% to RM872.44 million from RM452.68 million.

Looking ahead, KSL said the property industry remains challenging with escalating cost of building materials, supply chain disruptions, shortage of workers and uptrend in interest rate.

As such, it said the group has continued to exercise caution in its business plans and activities.

"At the same time, the group continued to place greater emphasis on building capacities, expertise and improving management effectiveness and efficiency so that the group will remain strong and resilient in facing the current and future challenges," KSL said. 

"Despite the economic downturn, the group has been preparing the ground works including seeking regulatory approvals and stands ready to launch new housing projects at the appropriate time taking into account market sentiments," it added.

Shares of KSL closed up two sen or 1.8% at RM1.13 per share, for a market capitalisation of RM1.17 billion.

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