Kuchai Development proposes 20 sen dividend for FY2024

• The proposed dividend consists of a single-tier first and final dividend of one sen per share and a single-tier bonus dividend of 19 sen per share.

KUALA LUMPUR (Oct 9): Property developer Kuchai Development Bhd (KL:KUCHAI) has proposed a 20 sen per share dividend for the financial year ended June 30, 2024 (FY2024).

The proposed dividend was recommended by its board of directors and is subject to shareholders’ approval at the upcoming annual general meeting.

The proposed dividend consists of a single-tier first and final dividend of one sen per share and a single-tier bonus dividend of 19 sen per share.

The ex-date for both dividends falls on Dec 12, 2024, and the payment date will be on Jan 2, 2025.

For FY2023, the group paid a cash dividend of 2.5 sen per share but also gave shareholders a 45 sen dividend in specie, according to its 2023 annual report.

Meanwhile, cash dividend for FY2022 totalled two sen per share.

Kuchai Development’s annual profit for FY2024 dropped 76.73% to RM12.87 million from RM55.31 million a year ago, despite revenue rising 23.53% to RM11.9 million, from RM9.63 million previously.

The lower annual profit was mainly due to the absence of a gain on assets held for distribution that amounted to RM30.22 million in FY2023.

Lee Thor Seng, a low-profile Singaporean, controlled Kuchai Development and Kluang Rubber Co (Malaya) Bhd (KL:KLUANG) via his private arm Nyalas Rubber Estates Ltd.

Nyalas owns a 9.44% direct stake in Kuchai Development and a 42.4% indirect stake in the company, via Kluang Rubber and Estate Trust Agencies (1927).

Thor Seng’s son Lee Chung-Shih is an executive deputy chairman in Kuchai Development. 

Kuchai Development shares settled unchanged at RM1.99, bringing the group a market capitalisation of RM246 million.

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