PETALING JAYA: Lagenda Properties Bhd
will be looking to unlock the value of its land bank by building a robust, long-term development pipeline that will enable the group to strategically plan and execute projects that align with market demands.
“Overall, Lagenda is positive that it will be able to achieve encouraging results in 2024 and deliver continuous value to our stakeholders,” it said in a filing with Bursa Malaysia.
For the second quarter ended June 30, 2024 (2Q24), Lagenda’s net profit rose to RM48.38mil from RM33.19mil in the previous corresponding period, due to contributions from both the property development and construction segments as work progress increased.
Revenue in 2Q24 grew to RM245.83mil from RM196.38mil a year earlier.
The company said revenue was spurred by newly launched projects namely Darulaman Lagenda Phase 3A, Lagenda Teluk Intan Phase 3B, Lagenda Suria Phase 1A, Lagenda Aman and corresponding work done contribution from under construction projects including Lagenda Tropika, Lagenda Teluk Intan Phase 3A, and Darulaman Lagenda Phases 1 and 2.
Basic earnings per share stood at 5.78 sen against 3.96 sen previously.
For the six-months period ended June 30, 2024, net profit improved to RM91.10mil from RM72.52mil in the previous corresponding period, while revenue rose to RM471.45mil from RM377.34mil previously.
Lagenda declared a single tier interim dividend of three sen per ordinary share, to be paid on Oct 25, 2024.
Lagenda said its 2Q24 performance reflected the positive momentum and continuous demand for its products in the affordable housing property segment.
“Business operations remain solid as Lagenda achieved confirmed sales of RM297.14mil in 2Q24, marking the highest quarterly sales number in Lagenda’s history to date.
“In addition, for the first half of 2024, Lagenda recorded confirmed sales of RM519.76mil, a 2.5% increase from the RM507mil achieved in the same period in 2023.”
Lagenda said this modest growth signifies a steady and sustainable expansion, reflecting the company’s consistent market demand and the effectiveness of our sales strategies.
“Barring any unforeseen circumstances, Lagenda is committed to carrying out further launches in the second half of the year. As at June 30, 2024, our unbilled sales stood at RM743.47mil while bookings were at RM542.73mil.”
