Lagenda Properties Berhad released its fourth quarter financial results registering a revenue of RM248.1 million, marking a significant 14% and 26% increase compared to the preceding two quarters, profit after tax and minority interests for 4Q2023 reached RM41.9 million, surpassing the RM38.8 million recorded in 3Q2023, driven by it said due to enhanced sales conversion and higher project completion due to accelerated construction progress.
For the full-year, revenue for the twelve months ended 31 December 2023 closed at RM843.3 million, while PATAMI stood at RM153.1 million.
The group declares a second interim dividend of 3.5 sen per share payable on 30 April 2024, bringing the total dividend declared in respect of FY2023 to RM54.4 million, equivalent to approximately 36% of PATAMI.
Notably, Lagenda said its confirmed sales for the year reached the RM1.04 billion mark, a remarkable 33% increase compared to the previous year’s figure of RM788 million. With projects reaching mid-development cycle in 2024, the developer said there will be faster revenue recognition compared to 2023 when most projects were in the early stages. As of 31 December 2023, the Group’s unbilled sales stood at RM732.4 million, while outstanding bookings reached RM268.3 million, providing visibility of future revenue.
