Kerjaya Prospek Property net profit soars 41% in 2QFY22 as both property, hospitality segments improve

KUALA LUMPUR (Aug 23): Kerjaya Prospek Property Bhd net profit grew 41% to RM21.72 million for the first quarter ended June 30, 2022 (1QFY23) from RM15.42 million a year ago as both property development and hospitality businesses performed better after the reopening of the economy.

Earnings per share (EPS) grew to 5.5 sen in 1QFY23 from 4.27 sen last year, the company’s latest stock exchange filing showed.

Revenue expanded 29% to RM87.28 million in 1QFY23 from RM67.82 million, mainly driven by stronger property sales and better development progress of ongoing projects.

Moving forward, the group said it will continue to focus on progressing its ongoing development projects and monetising unsold inventories.

“The group is cautiously monitoring the market sentiment and current challenges, such as supply chain disruption, rising building material costs, rising interest rates, inflation and labour scarcity.

“New project launches will be phased according to prevailing market conditions,” it said.

Kerjaya Prospek Property also said the recovery of the hospitality sector is anticipated to be accelerated following the reopening of the country’s borders to international travellers.

“The group remains cautiously optimistic on the prospects for the hospitality segment in anticipation of a return to normalcy,” it said.

Shares of Kerjaya Prospek Property closed unchanged at 63.5 sen on Tuesday, giving it a market capitalisation of RM254.09 million.