KSL Holdings' 4Q earnings up 16%, lifting annual profit to record high for second consecutive year

• The Johor-based property developer's net profit expanded to RM153.53 million in the fourth quarter ended Dec 31, 2024 (4QFY2024), from RM131.82 million a year ago, boosted by higher sales at its flagship developments in Johor Bahru, Kluang and Klang.

KUALA LUMPUR (Feb 27): KSL Holdings Bhd (KL:KSL) achieved record-high annual profit for the second consecutive year, following a 16% growth in fourth-quarter earnings.

The Johor-based property developer's net profit expanded to RM153.53 million in the fourth quarter ended Dec 31, 2024 (4QFY2024), from RM131.82 million a year ago, boosted by higher sales at its flagship developments in Johor Bahru, Kluang and Klang, according to a bourse filing.

Quarterly revenue jumped 45% to RM390.95 million, from RM269.19 million a year ago.

No dividend was declared for 4QFY2024.

For the full FY2024, KSL’s net profit climbed 12.8% to a new record high of RM470.36 million, versus RM416.8 million in the previous year. Annual revenue grew 21% to RM1.38 billion, from RM1.14 billion in FY2023. 

Looking ahead, the Malaysian economy is anticipated to experience an upswing, said KSL.

This growth is expected to be bolstered by robust domestic spending, enhancements in tourism activities, ongoing multi-year infrastructure projects, and the implementation of catalytic initiatives under the national master plans. 

In light of this, KSL said it is optimistic about an upturn in the property sector.

However, the ongoing global geopolitical uncertainties and inflationary effects on construction costs continue to pose challenges to business operations within the property sector, it added.

The property stock gained half a sen to close at RM1.62 on Thursday, valuing the company at RM1.68 billion.

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