Radium Development achieves revenue of RM30.6 million for 2QFYE2024, balance sheet remains robust

• As at June 30, 2024, Radium’s balance sheet remains robust, sporting a cash position of RM278.9 million with a gross gearing ratio of 0.04 times, against shareholders’ funds of RM756.0 million.

KUALA LUMPUR (Aug 23): Radium Development Bhd recorded revenue of RM30.6 million, a growth of 9.7% for 2QFYE2024, compared to RM27.9 million in the preceding corresponding quarter a year ago.

Subsequently, profit before tax increased 82.3% to RM3.7 million from RM2.0 million recorded in 2Q FYE2023, stated the developer in a media release yesterday.

As at June 30, 2024, Radium’s balance sheet remains robust, sporting a cash position of RM278.9 million with a gross gearing ratio of 0.04 times, against shareholders’ funds of RM756.0 million.

“The group’s solid balance sheet is a testament to its prudent financial management, ensuring long-term stability while providing ample financial resources for development activities,” stated Radium.

Building on the strategic acquisition of a prime parcel of land on Old Klang Road, Radium Global Sdn Bhd, a subsidiary of the group is set to launch a high-rise residential development with an estimated GDV of RM500 million in the 2HFYE2024.

Radium has also earmarked approximately RM109.3 million from its initial public offering proceeds for the development of a 145-room boutique hotel in Ampang, Kuala Lumpur.

“Our strategic landbanking expansion and diversification into the hospitality sector are critical components of our growth strategy,” said Radium Development group managing director, Datuk Gary Gan Kah Siong.

“These initiatives not only strengthen our development portfolio but also align with our commitment to creating sustainable value for our stakeholders and contributing to the urban development landscape in Malaysia,” he added.

Radium’s ongoing projects also continues to enjoy strong interests, with Vista Adesa, launched in May 2023, achieving a take-up rate of 65%. Similarly, Radium Adesa, has also garnered an good response since its launch in June 2023, boasting a take-up rate of 85%.

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