Teladan Setia Achieves RM9.5 Million Net Profit Driven Higher Property Sales

Melaka-based property developer, Teladan Setia Group Bhd announced its first-quarter results for the period ended 31 March 2022 (“1QFY22”).

In a statement, it said that revenue grew by 42.4% year-on-year (“YoY”) to RM58.9 million in 1QFY22 from RM41.4 million in 1QFY21. In tandem with that, net profit came in at RM9.5 million, a one-third increase from RM7.1 million reported last year.

 The quarterly bottom line reported was also its highest since the Group’s listing on the ACE Market of Bursa Malaysia Securities Berhad in March 2021.

Teladan Setia’s Managing Director, Mr Richard Teo Lay Ban said, “We are delighted to begin 2022 with a record-high quarterly net profit. Growth was mainly driven by higher property sales as well as quicker construction progress.

This was further elevated by the launch of Taman Bertam Heights Phase 1B in February 2022. The improved financial performance was reflective of the economic recovery which started in the final quarter of last year.”

“With the borders now fully reopened, we anticipate a higher influx of local and international tourists into Melaka over the coming months. The state government has set a target of 5.6 million visitors this year, significantly more than the 1.7 million tourists it managed to attract in 2021. As the tourism sector revitalises, we expect purchasing power of Malaccans to improve and, in turn, stimulate demand for big-ticket items like houses.”

The Group plans to launch properties worth around RM1.04 billion in gross development value (“GDV”) in 2022.

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