Paramount eyes RM1.5bil sales target for 2025
PETALING JAYA: Paramount Corp Bhd remains confident in achieving a sales target of RM1.5bil in 2025 underpinned by contributions from ongoing projects.
In a Bursa filing, the group noted its unbilled sales amounted to RM1.6bil as of March 31, 2025, and will provide near term visibility to cashflow.
However, it pointed out that 'the conversion into billings may largely depend on the projects' work progress'.
Paramount posted a net profit of RM14.43mil or earnings per share (EPS) of 2.32 sen for the first quarter ended March 31, 2025 (1Q25). This was up from RM7.71mil or EPS 1.24 sen in the same quarter of the previous year.
Revenue for the period jumped by 26.2% year-on-year to RM217.84mil driven by improvement in its property segment, which posted a revenue of RM205.9mil during the quarter.
The largest revenue contributors were the group's development in Selangor, The Atera, followed by Utropolis Batu Kawan and Paramount Palmera in Penang.
In the quarter, Paramount's property division sold properties with a gross development value of RM230mil, 128% higher than sales of RM101mil in 1Q24, underpinned by a larger base of products available for sale.
As for its coworking segment, Paramount saw the division generating a revenue of RM6.6mil in 1Q25, up some 75% y-o-y.
Despite the higher revenue, the coworking segment recorded a loss before tax (LBT) of RM500,000 during the quarter, attributable to the rental cost of the NU Sentral space, which had commenced operation in 2Q25, coupled with an increase in headcount of Scalable Malaysia.
Paramount's investment and others segment recorded a slightly lower revenue of RM7.3mil in 1Q25 in comparison to RM7.5mil in 1Q24.
The segment also posted a higher pre tax loss of RM9.1mil, which the group said was mainly due to higher interest expense arising from the issuance of the sustainability-linked sukuk as well as new borrowings that was used to partially finance the group's investment in EcoWorld International Bhd.
Paramount did not declare any dividend for the quarter ending March 31, 2025.
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