Radium Development reports revenue of RM27.53 million in 1QFYE2024

• The group maintained a gross gearing ratio of 0.03 times.

KUALA LUMPUR (May 23): Radium Development Bhd today announced that it generated revenue of RM27.53 million in 1QFYE2024 and reported a profit after tax (PAT) of RM2.33 million for the quarter. The group maintained a gross gearing ratio of 0.03 times.

Meanwhile, RM109.3 million from the group’s initial public offering (IPO) proceeds have been allocated for the development of a 145-room boutique hotel that is integrated into a mixed-development project in Ampang.

“This strategic move aims to tap into Kuala Lumpur’s rejuvenated tourism sector, complementing the Company’s existing property development portfolio,” stated the developer in a media release.

Radium Global Sdn Bhd, a subsidiary of the group, successfully acquired land at Old Klang Road in June 2023, with an estimated gross development value (GDV) of RM500 million. The launch of a project on this land is expected in the third quarter of 2024.

“Our land acquisition and foray into the hospitality sector demonstrate our commitment to expanding our footprint and diversifying our revenue streams,” said Datuk Gary Gan Kah Siong, group managing director of Radium Development. “We are actively exploring new avenues to enhance our offerings and create long-term value for our stakeholders,” he added.

Its Vista Adesa project launched in May 2023 with a GDV of approximately RM219 million has achieved a take-up rate of nearly 60%. Radium Adesa, launched in June 2023 (GDV of approximately RM500 million) has seen a take-up rate of 82%.

As for sustainability and innovation, Radium Development formalised a Strategic Partnership Agreement with MyCharge EV Sdn Bhd in November 2023 to integrate electric vehicle (EV) chargers across current and future developments. The group has installed two EV chargers at Vista Sentul Residences in April 2024.

“Aligning with the evolving landscape of environmentally conscious businesses, our partnership with MyCharge EV Sdn Bhd represents a significant step towards embracing sustainability and innovation,” said Gan. “We are committed to incorporating eco-friendly practices and technologies into our developments, ensuring a greener future for all.”

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