Paramount Corp Bhd group chief executive officer Jeffrey Chew
KUALA LUMPUR: Paramount Corp Bhd has raised its sales target to RM1.5bil in the current financial year ending Dec 31, 2025 (FY25), up from RM1.4bil in FY24.
The property developer said the target was supported by RM1.4bil in planned launches with a gross development value (GDV) across eight projects, including new phases of existing developments. It also had RM1.8bil worth of properties that had been launched or completed.
Paramount said its record high unbilled sales of RM1.6bil as at Dec 31, 2024, will provide near-term visibility on the group's cashflow in the near term. However, its conversion into billings would depend largely on the projects' work progress.
“The group targets RM1.5bil in property sales in 2025 and along with the expected contribution from unbilled property sales, the group is optimistic of its prospects in FY25 but will remain cautious in navigating through the challenging global environment,” it said.
In the fourth quarter ended Dec 31, Paramount’s net profit almost doubled RM54.1mil compared with RM28.2mil posted in the same corresponding quarter a year ago.
Revenue climbed to RM361.1mil from RM309.3mil while earnings per share rose to 8.69 sen versus 4.53 sen last year.In FY24,
Paramount posted a net profit of RM102.4mil, up 23.7% from RM82.8mil while revenue rose marginally to RM1.04bil from RM1.01bil a year ago.
The company declared a single-tier third interim dividend of 1.5 sen per share, payable on March 31. With two earlier interim dividends of 3 sen each, the total FY24 dividend amounted to 7.5 sen (FY23: 7 sen).
Paramount Group CEO Jeffrey Chew said Paramount finished strong for FY2024, with record property sales of RM1.4bil and unbilled sales of RM1.6bil.
“These achievements underscore Paramount’s understanding of its customers and the evolving market, and in its ability to design an build properties that match their needs,” he said in a separate statement.
As of Dec 31, 2024, the group had 369.4 acres of undeveloped land.
Chew said Paramount had signed a sales and purchase agreement in December 2024 to buy a piece of 4.5 acres of leasehold land with buildings on it, at the U-Thant area in Kuala Lumpur. The transaction is expected to be completed in the first half of 2025.
“We are hoping to replicate the success of The Ashwood given their proximity,” he said.
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