Lagenda Properties' 2Q net profit rises 46% on higher property development, construction performance

• Construction revenue rose 31.4% to RM136.39 million from RM103.83 million, reflecting significant progress on these projects.

KUALA LUMPUR (Aug 20): Lagenda Properties Bhd's second quarter net profit increased 45.8% to RM48.4 million from RM33.2 million a year earlier, thanks to higher contributions from its property development and construction divisions.

Earnings per share for the quarter ended June 30, 2024 (2QFY2024) rose to 5.78 sen from 3.96 sen, according to the property developer's bourse filing.

Quarterly revenue grew 25.2% to RM245.8 million from RM196.4 million in the previous year.

Lagenda said the property development division saw a 34.1% year-on-year revenue increase to RM214.5 million from RM160 million, helped by newly launched projects such as Darulaman Lagenda Phase 3A and Lagenda Teluk Intan Phase 3B, along with contributions from ongoing projects.

Construction revenue, meanwhile, rose 31.4% to RM136.39 million from RM103.83 million, reflecting significant progress on these projects.

The group declared an interim dividend of three sen per share, payable on Oct 25.

For the first half of FY2024, Lagenda's net profit increased 25.6% year-on-year to RM91 million from RM72.5 million, while revenue climbed 24.9% to RM471.4 million from RM377.3 million.

In the first half, Lagenda recorded confirmed sales of RM519.76 million, a 2.5% increase from RM507 million in the January-June period of 2023. As of June 30, the group’s unbilled sales stood at RM743.47 million, with bookings at RM542.73 million.

Looking ahead, Lagenda said the group is committed to launching further projects in the second half of the year.

“We aim to unlock the value of our land bank by developing a robust long-term pipeline that aligns with market demands,” the group said, expressing optimism for achieving strong results in the remainder of FY2024.

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