Crescendo wraps up FY2025 with record revenue, profit

• The Johor-based property developer recorded a net profit of RM536.3 million for the year, more than nine times compared with RM56.67 million in FY2024, on a revenue of RM1.15 billion, more than triple compared with RM341.35 million in the previous year, its bourse filing on Thursday showed.

KUALA LUMPUR (March 27): Crescendo Corporation Bhd (KL:CRESNDO) has reported a record-high earnings for the financial year ended Jan 31, 2025 (FY2025), thanks to data centre land sales in Iskandar Puteri.

The Johor-based property developer recorded a net profit of RM536.3 million for the year, more than nine times compared with RM56.67 million in FY2024, on a revenue of RM1.15 billion, more than triple compared with RM341.35 million in the previous year, its bourse filing on Thursday showed.

The revenue from the sales of land, located at the Nusa Cemerlang Industrial Park (NCIP), amounted to RM116 million. The amount was recognised in the third quarter FY2025.

The property development and construction division remains as the major contributor to the group's revenue and profit. Other businesses include manufacturing and trading, property investment, and services and others.

Crescendo declared a second interim dividend of one sen per share and a second special dividend of four sen per share, bringing the total dividend for FY2025 to 10 sen per share, compared with 18 sen for FY2024.

As of Jan 31, the group’s land bank stood at 2,597 acres, with committed property sales amounting to RM387 million as of March 21, including RM240 million from land sales at NCIP.

Looking ahead, Crescendo is optimistic with the property market outlook, especially in Johor, for the next few years. It pointed to the ongoing Johor Bahru-Singapore Rapid Transit System Link project which will serve as a catalyst to revitalise Johor Bahru city centre development.

On top of that, the Johor-Singapore Special Economic Zone is also expected to improve the business ecosystems of both nations and attract new investments, it noted.

"With the continued influx of foreign direct investments to Johor, demands for industrial properties remain strong and are expected to grow in the coming years especially with the special tax rates for investors in JS-SEZ," the company said.

"We believe the demand for landed properties in strategic growth areas with good infrastructure and connectivity will continue to improve. The group continues to adapt its strategies, product designs, and timing of new launches as part of its strategic response," Crescendo added.

Shares of Crescendo closed up three sen or 2.21% at RM1.39 on Thursday, giving the group a market capitalisation of RM1.18 billion. 

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