28-05-2025
- Business
- New Straits Times
Lagenda doubles FY2025 launch target to 8,000 units on strong demand
KUALA LUMPUR: Lagenda Properties Bhd has doubled its launch target for the financial year ending Dec 31, 2025 (FY2025) to 8,000 units, driven by sustained demand in the affordable housing segment.
Managing director Datuk Jimmy Doh said the group recently rolled out the first phase of its new 404.69-hectare township development in Kulai, Johor, which received an encouraging early response from buyers.
"The strong initial response underscores the continued demand for affordable landed homes in well-planned, emerging locations," he said in a statement.
Lagenda posted a 4.4 per cent year-on-year increase in net profit to RM44.59 million for the first quarter ended March 31, 2025 (Q1 FY2025), up from RM42.72 million in the corresponding period last year, supported by steady progress in its affordable housing developments.
Quarterly revenue rose 17.2 per cent to RM264.4 million from RM225.62 million a year earlier, attributed to higher revenue recognition from active development projects such as Darulaman Lagenda in Sungai Petani, Kedah, and Lagenda Ardea in Ulu Bernam, Selangor.
In a filing with Bursa Malaysia on Tuesday, the company noted that Q1 FY2025 sales reached RM252 million, driven by continued demand at its La' Indera township in Kuantan, Pahang, and Puncak Warisan in Kota Tinggi, Johor.
While earnings from individual segments saw a decline year-on-year, group profitability was buoyed by the recognition of RM4.3 million in pre-tax profit eliminations, compared to a loss of RM6.62 million in the same quarter last year.
No dividend was declared for the quarter.
As of end-March, unbilled sales stood at RM898.9 million, alongside RM268.8 million in outstanding bookings, providing healthy earnings visibility for the coming quarters.
Lagenda's shares have declined 9.85 per cent year-to-date, hovering around RM1.20 currently, which values the company at approximately RM1 billion.
