Lagenda Properties Bhd managing director Datuk Jimmy Doh
PETALING JAYA: The acceleration of construction activity is expected to boost Lagenda Properties Bhd
’s earnings in 2024, supported by its record-high unbilled sales of RM855mil and launched but unsold projects worth RM880mil.
AmInvestment Bank Research said in a report that Lagenda’s 2024 sales are expected to be boosted by more aggressive launches (3,940 units with a total gross development value of RM700mil) in the first quarter of 2024, as well as maiden launches of townships in Penor in Pahang, Bernam Jaya in Selangor and Kulai in Johor.
“We continue to like Lagenda due to the company’s niche in landed affordable housing developments in underserved states with a large population of B40 and M40 income groups,” it said.
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 the contribution from its property-development segment as sales conversion improved.
Basic earnings per share stood at 4.63 sen compared with 4.27 sen previously.
