Teladan Setia Net Profit Nearly Doubles As Melaka Property Scene Improves

Melaka-based property developer, Teladan Setia Group Berhad announced its second quarter and six months financial results posting a revenue jump of 86.6% year-on-year to RM75.6 million from RM40.5 million a year ago. Correspondingly, the Group reported a net profit of RM14.2 million in Q2, rising by 85.9% YoY from RM7.7 million in the same quarter last year.

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

The Group declared a second single-tier interim dividend of 0.6 sen per share in relation to the financial year ending 31 December 2022. The dividends will be payable on 19 September 2022. This followed its first single-tier interim dividend of 0.7 sen per share paid out on 20 April 2022.

Commenting on the results, Managing Director, Mr. Richard Teo Lay Ban said, “We are pleased to continue our growth momentum with another record-breaking quarter. The reopening of international borders in April 2022 has significantly benefitted tourism-driven economies such as Melaka. The resulting improvement in household income, coupled with post-pandemic pent-up demand has led to strong property sales this quarter.”

“Besides that, growth was also attributed to our success in introducing new properties that are relevant to the local market. Taman Bertam Heights Phase 1B, a gated-and-guarded township project launched in February 2022, has already been fully taken-up. Meanwhile, Taman Desa Bertam Phase 3B1 introduced in 2QFY22 has also generated strong market response so far.” 

Teladan Setia plans to launch 4 more projects with a gross development value of RM808.2 million by 2022. Among them include the Group’s first project outside of Melaka comprising two towers of serviced apartments in Seri Kembangan, Selangor. 

On a quarter-on-quarter (“QoQ”) basis, Teladan Setia’s revenue increased by 28.4% from RM58.9 million in 1QFY22. At the same time, net profit leaped 50.4% QoQ from RM9.5 million in 1QFY22. The developer currently holds one of the largest undeveloped landbank in Melaka at approximately 1,099.4 acres.

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