Press Release: Land & General Berhad posted higher revenue and profit after tax for FY2023.
L&G posted revenue of RM249.2 million and profit after tax of RM26.5 million for FY2023 representing an increase of 29.2% and 37.7% against FY2022 and declares a final dividend of 0.6 sen per share
|Financial year ended|
|31 March 2023||31 March 2022|
|Share of results of an associate||(5,319)||(14,533)|
|Share of results of joint ventures||4,595||4,265|
|Profit before taxation||39,694||30,324|
|Income tax expense||(13,189)||(11,073)|
|Profit after taxation||26,505||19,251|
Full year results
- Group posted full year revenue of RM249.2 million for the financial year ended 31 March 2023.
- Group revenue for FY2023 increased by 29.2% against FY2022 contributed by higher revenues from its Property and Education divisions. The increase in revenue for the Property division was contributed by construction progress and sales of Damansara Seresta, Sena Parc 1C and Astoria Phase 2 coupled with sales of completed units of Sena Parc 1A and Astoria Phase 1.
- Higher student enrolment and fees for the International School contributed to the higher education revenues.
- Operating profit for the Group increased moderately by 17.0% mainly due to the Property division offset by fair value loss on investment in VII of RM6.3m. The lower Other income in FY2023 was due to non-recurring income arising from write-back of provision and sale of rubberwood in FY2022.
- Profit before tax for FY2023 of RM39.7 million increased by 30.9% compared with FY2022.
On-going development projects
L&G Group presently has 4 on-going projects, namely:
o Damansara Seresta comprising 452 units of condominium located next to Bukit Lanjan Forest Reserve in Bandar Sri Damansara which was completed in September 2023;
o Sena Parc Phase 1D comprising 162 units of double storey terrace houses In Senawang, Negeri Sembilan;
o Astoria Ampang Phase 2 which was launched in July 2022 comprising 506 units of service apartments located off Jalan Ampang, Kuala Lumpur;
o Commercial retail and sales gallery in SD Club land which was completed in October 2022.
The number of units sold/booked as at 31 August 2023 for its completed and on-going projects
o Astoria Ampang Phase 1 (total 506 units of service apartments) – 466 units or 92%
o Astoria Ampang Phase 2 (total 506 units of service apartments) – 170 units or 33%
o Sena Parc Phase 1A (total 163 units double storey terrace houses) – 162 units or 99%
o Sena Parc Phase 1C (total 54 units double storey terrace houses) – 52 units or 96%
o Sena Parc Phase 1D (total 162 units double storey terrace houses) – 28 units or 17%
o Damansara Seresta (total 452 units of condominiums) – 395 units or 87%
The Group plans to launch 700 units Livista @ Bandar Sri Damansara service apartment with an estimated GDV of RM460 million and 1,546 units The WYN Residences in Puchong with an estimated GDV of RM630 million in Q4 2023. The combined GDV for new launches in FY2024 is estimated at about RM1.09 billion.
Dividends for FY2023
The Board of Directors of L&G is pleased to announce that shareholders have approved a final single tier dividend payment of 0.6 sen per share in respect of financial year ended 31 March 2023. Entitlement date and payment date have been fixed on 5 October 2023 and 18 October 2023 respectively.
Proposed Business Venture
The Board of Directors of L&G is pleased to announce that shareholders have approved the Proposed Business Venture between Brilliant Forward Sdn Bhd, a wholly owned subsidiary of L&G, and Low Gay Teck, a Director of L&G to develop a 14,366 square metres parcel of leasehold land in Puchong via Forward Victory Sdn Bhd.
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