Avaland’s 9M2024 net profit doubles to RM68.2 mil

• The increase in revenue was mainly contributed by advanced construction work progress from its ongoing projects coupled with commendable take-up of recently launched projects.

SELANGOR (Nov 20): Avaland Bhd has more than doubled its net profit to RM68.2 million in the nine months period ended Sept 30, 2024 (9M2024) from RM28.5 million in the previous corresponding period.

According to a media release by the developer, the improved bottomline was achieved on the back of 91.7% higher revenue of RM664.4 million in 9M2024 against RM346.6 million in 9M2023.

The increase in revenue was mainly contributed by advanced construction work progress from its ongoing projects coupled with commendable take-up of recently launched projects, namely Casa Embun Phase 2, Amika Residences, Aetas Seputeh and Anja Residences & Signature Retail.

For the third quarter ended Sept 30, 2024 (3Q2024), Avaland registered a net profit of RM25.4 million on revenue of RM231.5 million. The group reported a net profit of RM17.2 million on revenue of RM156.2 million in the previous corresponding quarter.

“The group’s strong financial performance in the year to date is a testament of our team’s commitment to introducing high quality homes and with strong value proposition to the market.

“As such, our property sales have risen by 60.4% to RM683.7 million in 9M2024 as compared to RM426.1 million recorded in the corresponding period in the previous year,” said chief executive officer of Avaland, Apollo Bello Tanco (Pol).

“The improved sales performance was driven by encouraging take-up for the Group’s ongoing projects, namely Aetas Damansara (100%), Phase 1 of Casa Embun (100%), Sanderling (100%), Alira Subang Jaya (97%) and Alora Residences (46%),” he added.

Launched developments came up to a total gross development value of RM1.8 billion.

As at Sept 30, 2024, the group’s unbilled sales stood at RM964 million, up from RM863 million as at end-2023, providing strong earnings visibility over the next few years.

“The demand for homes in Malaysia have continued to grow with loan applications for purchase of properties reporting a 2.9% rise in the first half of 2024 to RM347 billion from the previous corresponding period. This comes as Malaysia has a stable interest rate environment and bodes well for the overall property sector,” said Pol.

“Furthermore, we are optimistic that the latest incentives announced in the Budget 2025 from the government such as the higher allocation of funds in the Housing Credit Guarantee Scheme and tax relief of up to RM7,000 for homes up to RM750,000 would bolster the demand for residential properties among the youth and young families,” he added.

“Nevertheless, the group remains cautiously optimistic of its prospects with the robust demand for the group’s projects amidst its strategic location, strong value propositions and ability to meet the market’s requirements.”

Avaland Bhd​ is one of EdgeProp START’s strategic partners. Sanderling, Alira Subang Jaya, Casa Embun, Alora Residences and Amika Residences are developments highlighted in this partnership. All Avaland homebuyers also get to enjoy rewards worth up to RM18,888.

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