Teladan Setia Q3 Revenue Rises On The Back Positive Property Uptake In Melaka

Melaka-based property developer, Teladan Setia Group Berhad recorded revenue of RM46.4 million in Q3 this year an increase of 14.6% or RM5.9 million compared to the RM40.5 million registered in the second quarter. This positive performance delivered an increase in profits by 13.6% to RM8.7 million from RM7.7 million reported in the previous quarter. This was the highest quarterly net profit recorded by the Group since its listing on the ACE Market of Bursa Malaysia in March 2021.

For the 9 months, the Group reported net profit of RM23.5 million against revenue of RM128.3 million translating to a net profit margin of 18.3%, which was 1.4 percentage points higher than the 16.9% achieved in the full year period ended 31 December 2020.    

Managing Director, Mr. Richard Teo Lay Ban said, “We are pleased to attain our strongest quarterly net profit since our listing at the beginning of the year. Higher progress billings and construction progress for our ongoing developments such as Taman Desa Bertam Phases 2 and 3A contributed to the robust performance.”     

He added that the outlook ahead for the property market in Melaka is expected to be positive. The state had entered phase 4 of the National Recovery Plan in October 2021. Since then, property sales have been improving with the reopening of sales galleries and showrooms coupled with the pent-up demand from consumers. Furthermore, the resumption of interstate travel bodes well for the tourism sector and the overall economy of the state. As the purchasing power of locals improves, we anticipate stronger property sales, particularly for the middle-income segment the Group is targeting.” 

“Moving forward, we expect to sustain our growth momentum with many interesting developments in the pipeline. In September 2021, we had launched Taman Desa Bertam Phase 3B1, which has a Gross Development Value or GDV of RM44.2 million. Next year, the Group will be unveiling the first phase of Taman Bertam Heights, a gated and guarded township with a GDV of RM242.7 million. We are introducing Phase 1B of the project in January 2022, followed by Phase 1A in July 2022.”

Since its listing in March, Teladan Setia had announced acquisitions of land parcels totalling 890.2 acres. It currently holds one of the largest undeveloped landbank in Melaka at approximately 1,100 acres.

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