Kerjaya Prospek declares seven sen dividend following 30% higher 3Q profit

• Net profit for the three months ended Sept 30, 2024 (3QFY2024), stood at RM46.09 million, compared with RM35.57 million in the same period a year earlier, as revenue climbed 39.37% to RM504.84 million, from RM362.23 million.

KUALA LUMPUR (Nov 27): Kerjaya Prospek Group Bhd’s (KL:KERJAYA) net profit grew by 29.6% in the third quarter, primarily driven by its construction segment amid improved progress across ongoing projects.

Net profit for the three months ended Sept 30, 2024 (3QFY2024), stood at RM46.09 million, compared with RM35.57 million in the same period a year earlier, as revenue climbed 39.37% to RM504.84 million, from RM362.23 million.

The group, which is principally involved in the construction of commercial and high-rise residential buildings, property development, and the manufacturing of lighting and kitchen solutions, also declared a seven sen dividend for the quarter under review, amounting to RM88.3 million in total.

The dividend comprises a third interim dividend of three sen per share, along with a special dividend of four sen per share, both of which will be paid to shareholders on Dec 20, its filing with Bursa Malaysia showed.

This brings its total dividend for the nine months of FY2024 (9MFY2024) to 12 sen per share, amounting to RM151.3 million, higher than the eight sen per share paid for 9MFY2023.

“Our exceptional performance underscores Kerjaya’s operational resilience and ability to deliver stellar results despite industry headwinds. Our strong financial position equips us to capitalise on new opportunities, while driving momentum in our core construction business,” Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said in a statement.

At the same time, the group is expanding its property development segment through Rivanis Ventures Sdn Bhd, a 55:45 joint venture with Aspen Vision Development Sdn Bhd, to build a 36-acre mixed-development project in Seberang Perai Tengah, Penang, according to Tee.

“This project will complement our diversified portfolio, and enhance long-term growth prospects,” he added.

For 9MFY2024, Kerjaya Prospek’s net profit rose 20.9% to RM116.73 million, from RM96.55 million, as revenue increased by 27.73% to RM1.24 billion, from RM968.75 million.

Shares of Kerjaya Prospek were trading one sen or 0.47% higher at RM2.16 at the time of writing on Wednesday, giving it a market capitalisation of RM2.71 billion. The counter has risen over 42% year-to-date.

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