Lagenda Properties anticipates swifter conversion of sales into revenue, profits

PETALING JAYA: Lagenda Properties Bhd is optimistic that it is positioned for accelerated progress going forward, as construction activities continue to ramp up. In a filing with Bursa Malaysia, the company said it anticipates a swifter conversion of sales into revenue and profits moving forward.

For the third quarter ended Sept 30, 2023, Lagenda’s net profit rose to RM38.77mil from RM35.73mil in the previous corresponding period, mainly due to improvement and contribution from its property development segment as sales conversion improved.

Revenue in the third quarter grew to RM217.89mil from RM180.72mil a year earlier, driven by newly launched projects such as Darulaman Lagenda Phases 1, 2 and 3, Taman Mulia Phase 3, BBSAP Fasa 4B and Lagenda Teluk Intan Fasa 3B.

Basic earnings per share stood at 4.63 sen versus 4.27 sen previously.

For the nine-months period ended Sept 30, 2023, Lagenda’s net profit stood at RM111.30mil compared with RM133.12mil a year earlier, while revenue was at RM595.23mil compared with RM632.02mil previously.

In a statement, Lagenda managing director Datuk Jimmy Doh said the company’s financial performance during the third quarter began to show a positive trajectory, having successfully transitioned to Industrialised Building Systems for its newer projects in Teluk Intan and Kedah. “Our sizable vacant land bank of almost 4,700 acres with an estimated remaining gross development value of above RM12bil provides sustainability of long-term growth,” he said.