15th September 2022 — Land & General Berhad (L&G) has just announced their revenue of RM192 million for FY2022 and a declaration of a final dividend of 0.5 sen per share.
In the L&G’s 59th Annual General Meeting – press conference hosted at the Damansara Seresta Sales Gallery, the Group has posted their full year revenue for the financial year ended 31 March 2022.
The Group has reportedly stated the 43% jump in their revenue for FY2022 against FY2021 is in due contribution to the higher revenues across all its divisions particularly its property division contributed by construction progress and the sales of Damansara Seresta and Astoria Phase 1.
Despite an exceptional write back in FY2021 of RM12.7 million, there was additionally an increase of 21% against the 18.1% of the previous year in their operating profit margin of the Education and Plantation Business.
Regarding the profit before tax for FY2022 of RM30.3 million, it was lower due to 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. This has cost the full year profit after tax of L&G to also be lower at RM19.2 million.
Meanwhile, the numbers of units sold/booked as at 31 August 2022 for L&G’s completed and on-going projects are: 90% of 506 units in Astoria Ampang Phase 1, 98% of 163 units in Sena Parc Phase 1A, 92% of 54 units in Sena Parc Phase 1C, 72% in 452 units of Damansara Seresta, 29% of 253 units in Astoria Ampang Phase 2.
For the upcoming launches, the Group plans to launch 700 units service apartment (Plot 2) in 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.
In the dividends for FY2022, L&G has pleasantly announced that the shareholders have approved a final single tier dividend payment of 0.5 sen per share in respect of the financial year ended 31 March 2022. Entitlement date and payment date have been fixed on 5 October and 18 October 2022 respectively.