Lagenda logs record quarterly property sales; profit down 6.5% on higher admin expenses

• Lagenda said the RM413.4 million confirmed sales registered in 2QFY2025 is the highest in its history.

KUALA LUMPUR (Aug 27): Property developer Lagenda Properties Bhd (KL:LAGENDA) logged record quarterly property sales of RM413.4 million in the second quarter, but net profit dropped 6.5% due to lower revenue and higher administrative expenses.

Its net profit for the three months ended June 30, 2025 (2QFY2025) stood at RM45.24 million, down from RM48.38 million a year earlier, according to the group's bourse filing on Wednesday.

Quarterly revenue slipped 2.8% year-on-year to RM238.89 million from RM245.83 million on lower or an absence of contributions from completed projects, and reduced construction activity in near-completed projects.

Earnings were further weighed by higher administrative expenses of RM19.46 million versus RM17.63 million in 2QFY2024, attributed to increased staff costs with the group’s expanded presence into Johor, Selangor and Pahang.

Lagenda said the RM413.4 million confirmed sales registered in 2QFY2025 is the highest in its history. “The results highlight the enduring market appeal of our well-planned communities, where affordability is paired with quality living environments,” it said.

Unbilled sales stood at RM1.05 billion at end-June, with outstanding bookings of RM276.6 million.

Lagenda declared an interim dividend of three sen per share, to be paid on Nov 10.

For the six months ended June 30, 2025, Lagenda's net profit edged down 1.4% to RM89.82 million compared with RM91.1 million in the same period last year, while cumulative revenue increased 6.8% to RM503.29 million from RM471.45 million.

Looking ahead, Lagenda said the groundwork laid for its multi-state expansion is now translating to tangible outcomes. “With our growth strategy firmly on track, strong sales figures and a continued commitment to quality delivery, the group is well-positioned to sustain its momentum,” it added.

Shares in Lagenda ended one sen or 0.83% lower at RM1.19 on Wednesday, valuing the group at RM996.42 million.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.