In FY24, the group achieved record-breaking annual sales of RM1.13bil, marking a 9% growth compared to FY23.
PETALING JAYA: Property developer Lagenda Properties Bhd
, which saw an annual record sales of RM1.13bil in its financial year ended Dec 31, 2024 (FY24), is aiming for more than a 30% increase in total sales in FY25 “to ensure sustainable, long-term growth”.
In a statement, managing director Datuk Jimmy Doh Jee Ming said the group was pleased with its performance in FY24, driven by successful project completions, strong sales, property launches and supportive government policies and incentives.
“Our outlook for 2025 remains positive as we actively pursue growth opportunities in the sector. We are aiming for more than 30% increase in total sales to ensure sustainable, long-term growth,” he noted.
In FY24, the group achieved record-breaking annual sales of RM1.13bil, marking a 9% growth compared to FY23.
As of the end of FY24, Lagenda had unbilled sales of RM896.3mil and total bookings of RM473.4mil.
The group’s landbank stood at 5,063 acres with a potential gross development value of RM13bil, bolstering its long-term development pipeline.
The group has maintained a balanced approach to land acquisition and prudent cash flow management, with a net gearing ratio of 0.42 times as of Dec 31, 2024.
Currently operating in five states, the group said it would continue to pursue strategic joint ventures and identify value-accretive land acquisition opportunities to drive its growth and expand its geographical footprint.
“Looking ahead to FY25, the group remains optimistic and confident in building on its strong momentum. It is leveraging positive market fundamentals and strategic growth initiatives to drive sustainable expansion and deliver greater value to its shareholders,” it noted in a filing with Bursa Malaysia.
For the third quarter ended Dec 31, 2024 (4Q24), Lagenda saw its topline declined marginally by 2.4% to RM233.9mil from RM239.65mil in the previous corresponding quarter.
Despite this, net profit for the quarter under review increased by 24%, reaching RM46.09mil compared to RM37.22mil in 4Q23.
Correspondingly, earnings per share in 4Q24 rose to 5.52 sen from 4.42 sen in the corresponding quarter last year.
This growth was driven by higher contributions from new sales and construction progress in active phases.
For FY24, the group’s net profit soared by 24.6% to RM184.6mil from RM148.11mil in the previous year, as annual revenue grew by 18.4% to RM988.77mil from RM834.87mil previously.
During 4Q24, the directors of Lagenda declared a single-tier second interim dividend of three and a half sen per share, totalling RM29.31mil, payable on May 20, 2025.
Additionally, this brings the total dividend for Lagenda’s shareholders for FY24 to six and a half sen per share, amounting to RM54.43mil.
With a net profit of RM184.6mil for FY24, the dividend payout ratio stands at 29.5%.
