Paramount Corp Bhd group CEO Jeffrey Chew
KUALA LUMPUR: Paramount Corp Bhd aims to launch four more projects in the second half of 2024, including new phases of existing developments, with a projected gross development value (GDV) of RM700mil, according to group CEO Jeffrey Chew.
"Expected launches in the third quarter of 2024 include Greenwoods Salak Perdana Senna in Sepang, featuring semi-detached cluster townhouses," Chew said in a statement.
Chew highlighted that the group’s property launches in the first half of 2024 exceeded RM886mil, more than double the value of launches in 2023.
He also expressed confidence that the total RM1.7bil in launches by June 30—comprising RM81mil in 1Q24 and RM1.6bil in 2Q24—will drive strong sales and positively impact the group’s financial performance.
As of June 30, the group’s unbilled sales stood at RM1.4bil, with undeveloped land totalling 416.9 acres.
The group's sales for the first six months of 2024 reached RM638mil, surpassing the first half of 2023.
The Ashwood project, launched in May 2024, has contributed to over 60% of these sales.
Chew is optimistic that the sales momentum for The Ashwood and other projects will continue.
In the second quarter ended June 30, Paramount reported a marginally higher net profit of RM24.2mil, compared to RM24.1mil in the same quarter last year.
Revenue declined to RM232.9mil from RM241.5mil, while earnings per share climbed to 3.89 sen from 3.87 sen.
For the first six months of 2024, Paramount reported a net profit of RM31.9mil on revenue of RM405.5mil.
Paramount will give out an interim dividend of three sen per share, similar to that of last year, having staged a strong comeback in the second quarter of 2024 as it scored sales of RM537mil, its highest ever in a quarter.
The dividend will be payable on September 26 to shareholders recorded as of September 11.
