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KUALA LUMPUR: Damansara Realty Bhd (DBhd) recorded a net profit of RM20.62mil for the financial year ended Dec 31, 2018, an increase of 21.15% over RM17.02mil in the previous financial year due to contributions from the Pengerang operations.
Group revenue for the quarter similarly rose 21.9% to RM304.13mil as compared to RM249.48mil in FY2017.
"The increase was mainly due to higher person-on-board revenue from operations and maintenance of RAPID Temporary Executive Village and RAPID Temporary Management Office ("RTMO") in Pengerang and other ancillary projects such as security services and provision of small medical clinics," it said in a filing with Bursa Malaysia.
Pre-tax profit rose 32.9% to RM25.41mil while operating profit rose 29% to RM26.67mil.
After adjusting for a one-off expense for corporate exercises, the group's operational profit jumped over 300% to RM20.67mil versus RM6.57mil in 2017.
"The strong rise in our recurring income is an attestation of our own ability to generate better quality earnings built on healthy organic growth, as we continue to shift our business focus to high-growth markets and higher-margin projects,” said DBhd group managing director Brian Iskandar Zulkarim.
He added that the group's integrated facility management (IFC) segment was the main driver of sustainable profit and organic growth while a range of recurring income streams buffered the impact of the soft property market.
Moving forward, the group is streamlining its operations to optimise resources and capital.
It is also expanding its Project Management & Consultancy (PMC) segment by pairing it with the Property & Land Development (PLD) segment to target specialised projects such as hospital and medical centre development.
"Combining strengths with PLD to expand our consultancy services beyond the healthcare sector and broaden our specialty in the areas of construction and hospital management will diversify income streams as well as support the Group’s property projects,” said Brian Iskandar.
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