KUALA LUMPUR, Aug 22 — Lagenda Properties Bhd’s net profit for the second quarter (Q2) ended June 30, 2022 rose 17 per cent to RM50.38 million from RM42.92 million posted in the same quarter last year.

Revenue increased 52 per cent to RM258.55 million from RM170.52 million previously.

In a filing with Bursa Malaysia today, the company said the increase in total revenue was mainly due to the management’s initiative to convert its completed units into sales via effective marketing strategies at affordable pricing to customers, apart from the pre-existing sales recognition.

Managing director Datuk Jimmy Doh said with the satisfactory result for Q2, the company had launched more than 3,000 units of houses which will contribute to its performance in the coming months.

"These new launches achieved healthy take-up rates, signalling the continued strong demand for Lagenda’s projects and we expect this to extend into our future launches.

"We are also delighted by the positive preliminary response received for Darulaman Lagenda, our first township in Sungai Petani, Kedah and remain confident of establishing ourselves in more states throughout the country,” he said.

Doh shared that as a young and growing company, Lagenda Properties would continue to expand to enjoy greater efficiencies as it operates on a highly scalable model akin to mass manufacturing.

"Affordable housing is a need across all states which is evident as buyers for our Perak projects come from all states in Malaysia, including East Malaysia. We are able to create migration due to the value and lifestyle that we offer,” he added.

The company is ramping up activities in the second half of the year to achieve its target of launching more than 6,000 units of homes with a gross development value exceeding RM1 billion in 2022.

Lagenda also declared an interim dividend of three sen per share, payable on Sept 26, 2022, representing a payout ratio of 26 per cent for the six months ended June 30, 2022, of which the group is committed to rewarding its shareholders by paying out 25 per cent to 30 per cent of its profits as dividends. — Bernama