KSL's 3Q net profit up 19.6% on higher sales

• The higher sales saw its quarterly revenue increase by 26.64% to RM338.52 million, from RM267.31 million a year ago.

KUALA LUMPUR (Nov 28): Property developer KSL Holdings Bhd (KL:KSL) posted a 19.63% rise in net profit for the third quarter, due to higher sales of properties in its flagship developments in Johor Bahru, Kluang and Klang.

Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose 19.63% year-on-year (y-o-y) to RM101.18 million from RM84.58 million, according to the group in a bourse filing on Thursday.

The higher sales saw its quarterly revenue increase by 26.64% to RM338.52 million, from RM267.31 million a year ago.

No dividend was declared for the quarter.

For the nine months ended Sept 30, 2024 (9MFY2024), net profit rose 11.14% to RM316.83 million, versus RM285.07 million a year earlier, as revenue increased 13.22% to RM987.75 million from RM872.44 million.

Property sales increased by 9.7% y-o-y to RM801.32 million in 9MFY2024.

Looking ahead, KSL is optimistic about an upturn in the property sector, in view of expectations of robust economic growth.

However, the group noted that the ongoing global geopolitical uncertainties and inflationary effects on construction costs pose challenges to the property sector.

“We persist in our close monitoring of operational cost efficiencies, and maintain our sensitivity to market sentiments when it comes to the timing and pricing of new project launches,” it added.

Shares in KSL ended three sen or 1.67% lower at RM1.77 on Thursday, valuing the group at RM1.83 billion.

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