Avaland chief executive officer Teh Heng Chong
KUALA LUMPUR: Avaland Bhd
’s sales rose 7.8% to RM267mil in the first six months to June 30 (1H23) from RM247 in the previous corresponding period last year.
“The improved sales were attributed to the project launched in the second half of 2022, namely Sanderling, Casa Embun and Phase 2 of Alira Subang Jaya, which have take-up rates of 50%, 54% and 66% respectively,” chief executive officer Teh Heng Chong said in a statement.
He noted that its on-going projects namely Aetas Damansara and Phase 1 of Alira Subang Jaya also registered healthy take-up rates of approximately 90% and 89% respectively as at June 30.
“We expect an acceleration in construction progress for both projects in the coming months and target to handover Aetas Damansara in December 2024 and Alira Subang Jaya in July 2025.
“Moreover, we also managed to handover Casa Bayu Apartment and Casa Bayu Townhouse in May 2023 and August 2023 respectively, both of which were handed over six months ahead of the scheduled dates. The two projects have a total of 260 residential units with a combined gross domestic product (GDV) of RM145mil,” Teh said.
As at June 30, Avaland’s unbilled sales grew 18% to RM852mil from
the RM720mil recorded as at Dec 31, 2022 providing the group with earnings visibility over the coming years.
“To further bolster our future earnings, the group has RM1.2bil worth of projects in the pipeline to be launched in the second half of 2023,” Teh said.
The group’s landbank remains robust with 196 acres of land with an estimated GDV of RM12bil, which will sustain its earnings over the next 10 years.
In the second quarter ended June 30, Avaland posted a net profit of RM11.1mil against a net loss of RM7mil in the same quarter a year earlier.
Revenue surged to RM113.8mil from RM53.5mil. Earnings per share stood at 0.76 sen against loss per share of 0.48 sen.
Avaland posted a net profit of RM11.2mil on revenue of RM190.4mil in 1H23.
