KUALA LUMPUR (Feb 23): Lagenda Properties Bhd’s net profit rose 21.4% to RM56.45 million for the fourth quarter ended Dec 31, 2021 (4QFY21), from RM46.5 million a year earlier, as a result of its catch-up initiatives.

This is despite revenue for the quarter slipping 7.88% to RM251.11 million from RM272.59 million in 4QFY20, according to the property developer’s filing on Tuesday (Feb 22). 

“The decrease of total revenue was mainly due to slower progress work in construction operation as one of our project stages [is] reaching tail end,” it said.

Meanwhile, Lagenda noted that its property development segment’s revenue increased 5.52% to RM210.26 million in the current quarter under review from RM199.27 million.

“The increase in revenue generated from property development was mainly due to the acquisition of a property development subsidiary namely Mexitanah Sdn Bhd which was completed during the preceding quarter,” it said.

The group declared a second interim dividend of 3.5 sen per share, to be paid on April 11, with an ex-date of March 24. 

For the full year (FY21), Lagenda posted a 42.29% increase in net profit to RM200.49 million from RM140.9 million as its revenue improved by 20.02% to RM835.55 million from RM696.15 million.

In a statement, Lagenda managing director Datuk Jimmy Doh said the group has set the wheels in motion for its vision to be a nationwide affordable township developer.

“To scale and expand across more states in the most expeditious manner, we have a joint venture agreement with Inta Bina Group Bhd to undertake construction of our projects outside Perak.

“Lagenda is on a growth trajectory and will be rolling out townships in Kedah and Johor besides our home turf in Perak. Our net cash position and low gross gearing of 0.23 times augur well for further expansion and land acquisition opportunities,” he said. 

He noted that Lagenda is constantly looking for ways to further add value to increase the attractiveness of its townships with sustainability in mind.

“We are already working to install 1,000 residential solar photovoltaic systems across three township projects in the state of Perak,” he added.

Lagenda’s share price closed three sen or 2.03% lower at RM1.45, giving the group a market capitalisation of RM1.21 billion.

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