Posted by Jimmy Song > 2014-08-28 10:24 | Report Abuse

TITIJAYA MEETS FULL YEAR EARNINGS CONSENSUS Doubling Total Land Bank GDV To RM8.2 Billion Since IPO PETALING JAYA, 28 AUG 2014 – TITIJAYA LAND BERHAD (“Titijaya” or the “Group”, “帝亿置地”), a growing property developer listed on the Main Market of Bursa Malaysia announced its full year results for its financial year ended 30 June 2014 (“FYE2014”) with a total revenue of RM283.8 million. As a result, the Group delivered pre-tax profit (“PBT”) of RM96.4 million for the year under review, and net profit (“PAT”) of RM71.3 million. This is the Group’s first full year financial results since its listing on the Main Market of Bursa Malaysia on 27 November 2013. The Group’s fourth quarter for its financial year ended 30 June 2014 (“Q4FYE2014”) reported revenue of RM82.8 million representing a 32.5% increase compared to its preceding quarter ended 31 March 2014 (“Q3FYE2014”). The Group also delivered a PBT and PAT of RM25.8 million and RM20.1 million respectively for Q4FYE2014. The main earnings drivers for the current quarter under review are the Group’s property developments such as Galleria, Subang Parkhome Phase II, Seri Alam Industrial Park and 3 Elements. The Group’s balance sheet remains very healthy as at 30 June 2014 with total shareholders’ equity of RM392.1 million. As at the financial year-end, the Group was in a net cash position, with total cash balance of RM144.6 million. Net asset per share as at 30 June 2014 is RM1.15 per share. Mr. Lim Poh Yit (“林保亿”), the Group’s newly appointed Deputy Managing Director commented, “It has been an eventful year for Titijaya and we are proud of our financial performance for our debut financial year since our listing in November last year. Our land banking strategy has proven to do good for the Group. During our IPO, the Group had a total GDV from on-going and upcoming projects of RM4.2 billion. Over a period of 9 months, this has doubled to RM8.2 billion. We will endeavour to continue and secure strategically located land and enhance our land bank in the foreseeable future. Our existing land bank will keep us productive and busy until 2023, but we cannot be complacent and will need to maintain our competitive edge” Highlights for FYE2014 In April 2014, the Group announced its Joint Venture Agreement (“JVA”) with Bina Puri Construction Sdn Bhd, a wholly owned subsidiary of Bina Puri Holdings Berhad, to develop a mixed development project located on a parcel of land owned by Prasarana in Brickfields, Kuala Lumpur. This development is conveniently located only 300m away from KL Sentral monorail station and 80m from Tun Sambanthan monorail station along with other amenities in its vicinity. The project has an estimated gross development value (“GDV”) of RM1.4 billion. In May 2014, the Group, via its wholly-owned subsidiary City Meridian Development Sdn Bhd (“CMD”) also announced that it has entered into a conditional sales and purchase agreement (“SPA”) with Titijaya Group Sdn Bhd (“TGSB”) in relation to a proposed acquisition of a 20.4 acre leasehold land on Penang Island for a total purchase consideration of RM126.0 million. The parcel of land is located within walking distance to the 2nd Penang Bridge, also known as Sultan Abdul Halim Mua’dzam Shah Bridge, which was opened to the public on 1 March 2014. The Group is proposing a mixed development with an estimated GDV of RM2.6 billion, which will be launched approximately in the tail end of 2015. As at 30 June 2014, the Group’s on-going projects such as Subang Parkhomes 2, Seri Alam Industrial Park, Zone Innovation, The Galleria, 3 Elements & Embun Kemensah has an average take up rate of approximately 75%. The Group’s Mutiara Residence in Klang hit a 100% booking rate within 2 weeks of its recent launch. In addition, the Group’s first block (Block A) of its H20 project in Ara Damansara has been fully booked. More recently, the Group appointed Y. Bhg. Laksamana Tan Sri Dato’ Sri Mohd Anwar Bin Hj Mohd Nor as the Group’s Independent Non-Executive Chairman. Tan Sri Dato’ Sri Mohd Anwar is also currently the Chairman of Lembaga Tabung Angkatan Tentera (“LTAT”) and has held this position since 2007. As of today, the Group has proposed on a final single-tier dividend of 4.0 sen per ordinary share for the financial year ended 30 June 2014 which will be subject to approval during the upcoming Annual General Meeting.