L&G posted revenue of RM192mil for FY2022 and declares Final Dividend of 0.50Cents Per Share

Land & General Berhad (“L&G” or “The Group” ) has just announced its full year revenue of RM192.9 million for the financial year ended 31 March 2022, and a declaration of a final dividend of 0.5 sen per share.

The Group’s revenue for FY2022 increased by 43.0% against FY2021 contributed by higher revenues across all its divisions notably its property division contributed by construction progress as well as sales of Damansara Seresta and Astoria Ampang Phase 1.

Despite the exceptional write-back of RM12.7 million in FY2021, the operating profit margin for the Group increased by 21.0% against 18.1% contributed by higher margins in the Education and plantation business against the previous year.

The profit before tax for FY2022 of RM30.3 million was lower due to a higher loss in associate, Country Garden (M) Sdn Bhd of RM14.5 million arising mainly from the impairment of valuation of its land in Serendah. As a result, the full year profit after tax for the Group was also lower at RM19.2 million.

The number of units sold/booked as at 31 August 2022 for its completed and on-going projects is 454 units or 90% for Astoria Ampang Phase 1, 159 units or 98% for Sena Parc Phase 1A, 50 units or 92% for Sena Parc Phase 1C, 327 units or 72% for Damansara Seresta and 74 units or 29% for Astoria Ampang Phase 2.

The Group plans to launch 700 units of service apartments (Plot 2) in the Sri Damansara Club land for the remaining financial year ending 31 March 2023 with an estimated GDV of RM420 million. Together with Astoria Phase 2, the combined GDV for new launches in FY2023 is estimated at about RM783 million.

The Board of Directors of L&G is pleased to announce that the shareholders have approved a final single-tier dividend payment of 0.5 sen per share in the financial year ended 31 March 2022. The entitlement date and payment date have been fixed on 5 October and 18 October 2022 respectively.

News source :- https://www.propsocial.my/topic/2634/l-g-posted-revenue-of-rm192-million-for-fy2022-and-declares-final-dividend-of-0-5-cent-per-share-posted-by-propsocial-editor