Paramount closes FY2023 with record high property sales; pays four sen dividend as 4Q profit jumps 49%

• Quarterly revenue rose 26.14% to RM309.36 million from RM245.24 million, according to the group’s filing on Wednesday. Earnings per share expanded to 4.53 sen from 3.04 sen.

KUALA LUMPUR (Feb 28): Property developer Paramount Corp Bhd posted a 49.28% jump in net profit for the fourth quarter ended Dec 31, 2023 (4QFY2023) to RM28.2 million from RM18.89 million a year ago, mainly fuelled by improvements in all its business segments, namely property, coworking, investment and others.

Quarterly revenue rose 26.14% to RM309.36 million from RM245.24 million, according to the group’s filing on Wednesday. Earnings per share expanded to 4.53 sen from 3.04 sen.

The group declared a second interim dividend of four sen per share, to be paid on March 27. This brings its to-date payout for FY2023 to seven sen per share.

For the full FY2023, the group’s net profit jumped 37.6% to RM82.84 million from RM60.2 million in FY2022, as revenue rose 19.44% to RM1.01 billion from RM847.46 million.

The group also closed its FY2023 with a new record high property sales of RM1.12 billion, despite launching products with just RM886 million in gross development value compared to RM1.21 billion in FY2022.

“The top three contributors to FY2023's sales were Sejati Lakeside 2 development in Selangor, the Atera development in Selangor, and Utropolis Batu Kawan development in Penang,” it noted.

Moving forward, the group expects its FY2024 to remain satisfactory, while it strives to sustain positive sales growth.

Shares of Paramount settled one sen or 0.97% lower at RM1.02 on Wednesday, giving the group a market capitalisation of RM635.18 million.

Paramount Property​ is a strategic partner with EdgeProp START, featuring the Bukit Banyan, Savana @ Utropolis Batu Kawan, Greenwoods Seraya at Salak Perdana, The Atera, and Sejati Lakeside 2 developments. All Paramount Property homebuyers also get to enjoy rewards worth up to RM18,888.  

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