Affordable housing and integrated township developer Lagenda Properties’ first quarter financial results come with revenue easing 16% to RM192.8 million and profit after tax moderated by 15% to RM47 million when compared to the corresponding quarter of the preceding financial year.
Confirmed sales are RM144.6 million were comparable to the corresponding period of the preceding year, with growth expected over the upcoming quarters with new launches and natural cyclical pick-up. It added that bookings and unbilled sales remained healthy at RM341.4 million and RM604.8 million.
Despite the underwhelming performance, the group remains confident and is gearing up for increased activities in the remaining quarters of the year with plans to launch several new projects including new phases in Lagenda Teluk Intan, Lagenda Tapah and the maiden launch of its Sungai Petani township which marks the Group’s first foray to expand beyond Perak.
Managing Director of Lagenda, Dato’ Jimmy Doh“Confirmed sales grew month-on-month from January to March 2022 as lockdown eased, and we anticipate this momentum to continue into the second quarter of the year based on encouraging activities witnessed in April 2022, coupled with forthcoming launches over the next few months.
For this financial year, Lagenda is planning to launch nearly 6,000 homes with GDV of approximately RM1 billion including maiden launches outside Perak, with Kedah coming on stream soon. The group says its joint venture with Inta Bina Group Berhad will further expedite its project roll-out.
Dato Jimmy reiterated that the strong balance sheet with a low net gearing ratio of 0.03 times positions the group well for further land banking activities. He confirmed the group is currently in negotiations and is targeting to acquire additional landbank this year to widen its footprint to achieve target of being the Nationwide Affordable Housing Developer.
