AME Saw Its PAT Double In Q3 Mainly From Industrial Park Assets

AME Elite Consortium Berhad saw its profit after tax (PAT) double to RM28.5 million in the third quarter ended 31 December 2023 (3Q24) from RM13.9 million in the previous corresponding quarter, on stronger contribution from its industrial parks, and fair value gain from the sale of an industrial property from inventories to AME Real Estate Investment Trust (AME REIT).

Notably, AME demonstrated robust revenue growth of 31.2% in 3Q24, reaching RM176.2 million from RM134.3 million previously, attributed to increased contribution from property development, engineering, as well as property investment and management services segments.

The property development segment, primarily driven by contributions from the Group’s i-Park@Senai Airport City and i-TechValley industrial parks, achieved 96.4% higher revenue of RM98.5 million versus RM50.1 million previously, on higher stages of work completed and timing of income recognition of industrial properties.

Similarly, the property investment and management services segment reported revenue growth of 22.7% to RM16.7 million in 3Q24 from RM13.6 million in the previous quarter. The improvement was attributed to a higher number of leased industrial properties, increased rental income from workers’ dormitories, and management services income from industrial park tenants.

Meanwhile, the construction segment experienced lower revenue contribution of RM35.2 million in 3Q24 versus RM66.3 million previously, due to stage of completion of ongoing projects. In contrast, the engineering services segment witnessed 505.1% revenue growth to RM25.8 million from RM4.3 million previously, also attributed to stage of completion of projects.

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