KSL net profit climbs to RM181.01mil in FY22

KUALA LUMPUR: KSL Holdings Bhd’s net profit increased to RM181.01 million for the financial year ended Dec 31, 2022 (FY2022) compared with RM114.41 million a year ago,

Revenue in FY2022 rose to RM575.0 million versus RM467.83 million previously, it said in a filing with Bursa Malaysia today.

For the fourth quarter (Q4) of FY2022, net profit was marginally higher at RM55.10 million from RM54.62 million a year earlier, on the back of a decrease in the cost of sales and administrative expenses.

Revenue for Q4 FY2022 declined to RM122.32 million against RM175.39 million previously.

On prospects, KSL said the property industry remained challenging with escalating cost of building materials, supply chain disruptions, shortage of workers, and uptrend in interest rate.

"The group has continued to exercise caution in its business plans and activities. At the same time, the group continues to place greater emphasis on building capacities, expertise and improving management effectiveness and efficiency so that it will remain strong and resilient in facing the current and future challenges.

It added that despite the economic downturn, the group has been preparing the ground works including seeking regulatory approvals and stands ready to launch new housing projects at the appropriate time, taking into account market sentiments. - Bernama