Apollo Bello Tanco, CEO of Avaland
KUALA LUMPUR: Avaland Bhd
is cautiously optimistic over its growth prospects as it aims to launch several projects in 2025 with a total gross development value (GDV) of RM1.6bil.
The property developer is coming off a record-breaking year in 2024, where it posted a net profit of RM98.93mil, as compared to RM66.11mil in the previous year.
Basic earnings per share rose to 6.79 sen from 4.54 sen in FY23.
The group reported revenue of RM893.63mil in FY24, up from RM607.12mil in the previous year.
In the fourth quarter alone, Avaland's net profit came to RM30.72mil, down from RM37.63mil in 4QFY23, while revenue dropped to RM229.23mil from RM260.52mil in the year-ago quarter.
Avaland CEO Apollo Bello Tanco (Pol) said FY24 was a historic milestone for the group as it registered its highest-ever net profit and stronger property sales since its listing.
During the year, property sales surged 53% to RM894.2mil as compared to RM586.1mil in the previous year.
"The record sales are a testament of our successful initiative to deliver products that caters towards the needs of different market segments," he said in a statement.
The improved sales performance was driven by exceptional take-up in four ongoing projects, namely Aetas Damansara (100%), Sanderling (100%), Alira Subang Jaya (98%), Casa Embun (96%), and Amika Residences (65%).
The group also expanded its portfolio and launched five newdevelopments in 2024 with a total GDV of RM1.8bil, namely Phase 2 of Casa Embun, Amika Residences, Aetas Seputeh, Anja Residences & Signature Retail and Sanderling 2.
"The market response to these launches has been encouraging and reaffirms the demand for thoughtfully designed homes that focus on value creation, distinctive placemaking and are located in prime locations," said Pol.
As at Dec 31, 2024, the group’s unbilled sales stood at RM900mil, marking a growth from RM863mil as at end-2023, providing the group with strong earnings visibility in the years ahead.
