CEO Morning Brief

Kerjaya Prospek Property’s 3Q Earnings Rise 12% to RM23.5m, Declares Dividend of One Sen

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Publish date: Tue, 28 Feb 2023, 08:42 AM
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TheEdge CEO Morning Brief
Kerjaya Prospek Property’s 3Q earnings rise 12% to RM23.5m, declares dividend of one sen

KUALA LUMPUR (Feb 27): Kerjaya Prospek Property Bhd’s net profit increased 12.21% to RM23.53 million for the third quarter ended Dec 31, 2022 (3QFY2023), from RM20.97 million a year ago, due to strong take-up rates of key property projects in Kuala Lumpur and Penang.

Quarterly revenue improved 15.57% to RM81.80 million, from RM70.78 million for 3QFY2022, with the property development segment as the major revenue contributor, according to the group in a filing with Bursa Malaysia last Friday (Feb 24).

The group announced a second interim dividend of one sen per share, to be paid on March 30. The ex-date falls on March 13.

For the cumulative nine months ended Dec 31, 2022 (9MFY2023), net profit grew 30.10% to RM67.77 million, from RM52.09 million for 9MFY2022, while revenue for the period also increased by 31.65% to RM256.57 million, from RM194.89 million previously.

The improvement in 9M results was due to higher revenue and profit recognition for the group's ongoing project in Old Klang Road, and sales under the completed Seri Tanjung project.

“Despite the many ongoing challenges reigning over the current property market, we are very delighted with the very strong take-up rates of above 90% for Straits Residences @ Seri Tanjung Pinang and Bloomsvale @ Old Klang Road,” said the group's executive chairman Datin Toh Siew Chuon in a statement.

“In the meantime, we will continue to take every single opportunity to identify and acquire strategic land bank, and expand our development portfolio, as we continue to develop high-quality homes at affordable prices.

“Also, with the reopening of international borders as part of the post-pandemic normalisation, our Swiss-Garden Hotel Melaka and The Shore Hotel & Residences stand to benefit from the influx of foreign visitors, as Malaysia continues to be one of Southeast Asia’s favourite tourist destinations,” she added.

At the time of writing on Monday, Kerjaya Prospek Property’s share price had risen by one sen or 1.64% to 62 sen, giving it a market capitalisation of RM248.09 million.

Source: TheEdge - 28 Feb 2023

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