Lagenda Properties Bhd today announced a 30.07% revenue growth year-on-year (YoY) to RM283.4 million1 for the third quarter of 2024, from RM217.9 million2 in 2023, through a Bursa filing dated Nov 25.
The growth in the quarterly revenue for the leading affordable housing developer was driven by an increase in revenue across the property development, construction, and trading segments. Specifically, the property development segment registered a 50.5% increase in revenue, spurred by the successful launches of new projects such as Darulaman Lagenda Phase 3A (Kedah), Lagenda Suria Phases 1A and 1B (Johor), Puncak Warisan Phase 1 (Johor) and Lagenda Aman (Perak).
Profit after tax for the same quarter under review grew 22.59% YoY to RM47.3 million3, from RM38.6 million4 recorded in the previous year.
Earnings per share (EPS) for the third quarter amounted to 5.64 sen per share, compared to 4.63 sen per share in the corresponding quarter in 2023.
For the nine-month period from January to September 2024, revenue totalled at RM754.9 million5, marking a 26.82% growth YoY from RM595.2 million6 in 2023. Profit after tax for the nine-month period expanded 24.91% YoY to RM138.5 million7 from RM110.9 million8.
The total assets held by Lagenda Properties as at Sept 30, 2024 amounted to RM2.541 billion9, reflecting an increase of 13.27% from the group's total assets position of RM2.243 billion10 as at Dec 31, 2023. Cash and cash equivalents as at Sept 30, 2024 stood at RM313.9 million11.
In a press statement issued by the company, Managing Director Datuk Jimmy Doh Jee Ming said, "Achieving record-breaking sales this quarter is evidence of the sustained demand for affordable housing as we continue expanding nationwide."
Looking ahead, Lagenda Properties is eyeing opportunity in the affordable housing sector arising from Budget 2025's RM10 billion allocation for government-guaranteed housing loans of up to RM500,000 for first-time homebuyers.
- RM283,421,000 ︎
- RM217,892,000 ︎
- RM47,266,000 ︎
- RM38,555,000 ︎
- RM754,870,000 ︎
- RM595,227,000 ︎
- RM138,510,000 ︎
- RM110,892,000 ︎
- RM2,541,257,000 ︎
- RM2,243,468,000 ︎
- RM313,873,000 ︎
