MALACCA: Malacca-based property developer Teladan Setia Group Bhd reported an improved performance for its third quarter (Q3’22) on the back of a larger number of new developments and the absence of pandemic-related operational disruptions.
Revenue for the quarter grew 63.4% year-on-year (y-o-y) to RM75.9 million from RM46.4 million in Q3’21 while net profit rose in tandem to RM11.7 million in Q3’22, a 33.9% improvement from a year ago on property sales and revenue recognition from construction progress increased.
On a year-to-date (YTD) basis, Teladan recorded a revenue growth of 64% y-o-y from RM128.3 million in 9MFY21 to RM210.4 million in 9MFY22. Over the same period, net profit climbed 50.7% to RM35.4 million.
Teladan managing director Richard Teo Lay Ban said they are pleased with the sustained improvement in earnings this quarter.
The new projects introduced by Teladan came at the right time as we benefitted from the rebound in consumer sentiment post-Covid-19.
“This was reflected in the high take-up rates in our new properties such as Taman Bertam Heights Phase 1B and Taman Desa Bertam Phase 3B2, shortly after their respective launches,“ he said.
In 9MFY22, Teladan reported property sales of RM263.1 million, which was an increase of 143.8% y-o-y from RM107.9 million last year. On a YTD basis, the group has launched developments amounting to RM234.5 million in gross development value (GDV).
“Though macro challenges are expected to remain, we are confident in our ability to navigate through them given our experience and expertise in offering different types of residential properties. Particularly, we are seeing strong demand in the affordable segment as the general population adapts to the economic environment. Therefore, we are set to introduce more affordable housing projects in the coming months,” said Teo.
Currently, the group is still actively looking to acquire more strategic land in Malacca to ensure a consistent flow of new developments for the years to come. Currently, its undeveloped landbank amounts to 1,109 acres.
Source: The Sun Daily
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