Image from: Land & General Berhad
For the financial year ended 31 March 2024, Land & General Berhad reported a total revenue of RM216.6 million, marking a 13% decrease from the previous year. The decline in revenue is attributed mainly to reduced contributions from the Property Division. This division experienced slower development and decreased sales from projects such as The WYN Residences and Livista. Despite this, the Education Division saw an increase in revenue due to higher student enrolments and fees. Consequently, the Group’s operating profit saw a slight decrease of 3%, influenced by the lower performance of the Property Division but offset by higher income from Education and investments.
The Group’s profit before tax fell to RM30.8 million, a decrease of 22% compared to FY2023. This decline is primarily due to the challenges faced by the Property Division and the absence of settlements from Hidden Valley in the current year. As a result, the profit after tax for FY2024 was RM21.9 million, reflecting a 17% decrease from the previous financial year.
Currently, L&G is engaged in five ongoing development projects. These include Damansara Livista, a project with 700 units of service apartments located near the Bandar Sri Damansara West MRT station, and Sena Parc Phase 1D and 1E, which consist of 162 and 80 units of terrace houses, respectively, in Senawang, Negeri Sembilan. Additionally, Astoria Ampang Phase 2, with 506 units of service apartments, is situated off Jalan Ampang in Kuala Lumpur. The WYN Residences, comprising 1,546 units, is located next to the IOI Puchong mall and LRT station in Bandar Puchong Jaya, Puchong.
As of 31 August 2024, the number of units sold or booked across these projects varies. For instance, Astoria Ampang Phase 1 has achieved a sales rate of 91%, while Astoria Ampang Phase 2 has sold 36.2% of its units. The Sena Parc developments are performing well, with Phase 1C and Phase 1E achieving 98% and 61.3% sales rates, respectively. The Damansara Livista project has seen 77% of its units sold, while The WYN Residences has sold 20.6% of its units.
Looking ahead, L&G plans to launch several new projects. The Kamelia @ Bandar Sri Damansara will offer 602 affordable service apartments with an estimated GDV of RM156 million, with pre-registration commencing in August 2024. Additionally, the Group will launch U10 Aria Rimba Phase 1, featuring 150 terrace houses with a GDV of RM113 million, and aims to introduce 1,008 high-rise service apartments in Sri Damansara Club, with an estimated GDV of RM621 million, in 2025.
The Board of Directors has also announced a final dividend of 0.7 sen per share for FY2024. The entitlement date for this dividend is 3 October 2024, with the payment scheduled for 18 October 2024.
News source :- https://www.propsocial.my/topic/2921/l-g-reports-fy2024-financial-results-revenue-hits-rm216-6-million-posted-by-phebec