Image from: L&G Group
Land & General Berhad ("L&G Group" or "the Group") posted full-year revenue of RM249.2 million for the financial year ended 31 March 2023. The 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 Group's International School contributed to the higher education revenues.
Image from: L&G Group
Operating profit for the Group increased moderately by 17.0% mainly due to the Property division offset by fair value loss on investment of RM6.3m. The lower Other Income in FY2023 was due to non-recurring income arising from the 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. As a result, full-year profit after tax for the Group was higher at RM26.5 million representing an increase of 37.7% against FY2022.
L&G Group presently has 4 on-going projects, namely Damansara Seresta comprising 452 units of condominium located next to Bukit Lanjan Forest Reserve in Bandar Sri Damansara which was completed in September 2023; Sena Parc Phase 1D comprising 162 units of double storey terrace houses In Senawang, Negeri Sembilan; Astoria Ampang Phase 2 which was launched in July 2022 comprising 506 units of service apartments located off Jalan Ampang, Kuala Lumpur; 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 are:
Astoria Ampang Phase 1 (total 506 units of service apartments) – 466 units or 92%
Astoria Ampang Phase 2 (total 506 units of service apartments) – 170 units or 33%
Sena Parc Phase 1A (total 163 units double storey terrace houses) – 162 units or 99%
Sena Parc Phase 1C (total 54 units double storey terrace houses) – 52 units or 96%
Sena Parc Phase 1D (total 162 units double storey terrace houses) – 28 units or 17%
Damansara Seresta (total 452 units of condominiums) – 395 units or 87%
In the pipeline, the Group plans to launch 700 units Livista @ Bandar Sri Damansara service apartments 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.
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 the financial year ended 31 March 2023. The entitlement date and payment date have been fixed on 5 October 2023 and 18 October 2023 respectively.
The Board of Directors of L&G is also 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.
(19 September 2023)