Paramount hits RM1bil revenue in FY23; declares 4 sen dividend

Paramount Corp Bhd CEO Jeffrey Chew

KUALA LUMPUR: Paramount Corp Bhd will launch seven projects (including new phases of existing projects) in 2024 with a projected gross domestic product (GDV) of RM2.4bil at its existing project locations in Penang, Kedah and the Klang Valley.

The three largest launches (in GDV) for the financial year ending Dec 31, 2024 (FY24) are The Ashwood (high rise condominiums, duplexes, and low-rise villas at the prestigious U-Thant enclave in Kuala Lumpur), Phase 2 of The Atera and a new phase of high rise residential development with commercial components at Utropolis Batu Kawan, Penang.

“The group's unbilled sales as at Dec 31, 2023 stood at RM1.4bil, and would provide some visibility on the group's cashflow in the near term,” the developer said in a statement.

Paramount’s net profit jumped 49.3% to RM28.2mil in the fourth quarter ended Dec 31 compared with RM18.9mil a year ago.

Revenue for the period rose 26% to RM309.4mil versus RM245.2mil last year while earnings per share climbed to 4.53 sen against 3.04 sen previously.

For FY23, Paramount posted a 38% jump in net profit to RM82.8mil on revenue of RM1.01bil.

Paramount declared a second interim dividend of 4.0 sen for FY23, which would be paid on March 27 to shareholders who are in the record of depositors on March 13.

Group chief executive officer Jeffrey Chew said Paramount achieved double-digit growth in revenue and pre-tax profit for the third year.

“We also touched RM1bil in revenue for the first time. It was also our second consecutive year of achieving sales above RM1bil.”

“Our property division achieved RM1.1bil sales despite a 27% lower launched GDV of RM886mil. The encouraging property sales achieved will contribute positively to the group's revenue as construction of these properties progresses,” Chew said.

“The top three contributors to FY23 sales were Sejati Lakeside 2 and The Atera developments in Selangor, and Utropolis Batu Kawan development in Penang,” he added.

Chew said the unchanged overnight policy rate at 3.0% coupled with the expected expansion of the Malaysian economy and improving labour market boded well for the property market in 2024.