Lagenda 1Q profit grows 4%, doubles FY2025 property launch target

• Revenue for the quarter climbed 17.2% y-o-y to RM264.4 million from RM225.62 million in 1QFY2024, thanks to higher sales under the property development segment.

KUALA LUMPUR (May 27): Lagenda Properties Bhd (KL:LAGENDA) posted a 4.4% year-on-year (y-o-y) increase in net profit for the first quarter, thanks to earnings recognised from elimination adjustments.

Net profit for the three months ended March 31, 2025 (1QFY2025), rose to RM44.59 million from RM42.72 million in the same period a year earlier, according to the property developer’s bourse filing on Tuesday.

Revenue for the quarter climbed 17.2% y-o-y to RM264.4 million from RM225.62 million in 1QFY2024, thanks to higher sales under the property development segment.

While earnings contributions across all segments were on a y-o-y decline, the group saw a growth in earnings thanks to recognising an elimination in profit before tax of RM4.3 million versus an elimination in loss before tax of RM6.62 million in 1QFY2024, attributed to the absence of intersegment dividend income in 1QFY2025.

No dividend was declared for the quarter under review.

Looking ahead, Lagenda Properties managing director Datuk Jimmy Doh said with the continued demand for affordable housing, the group has doubled its launch target for the financial year ending Dec 31, 2025 (FY2025) from 4,000 to 8,000.

The group recently launched the maiden phase of its 1,000-acre affordable township in Kulai, Johor. The launch has received a strong initial response, Lagenda Properties said, which underscores the group’s view of continued demand for affordable homes.

As at end-March 2025, unbilled sales totalled RM898.9 million, with outstanding bookings of RM268.8 million.

Shares in Lagenda Properties ended unchanged at RM1.20, valuing the group at RM1 billion.

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