In conjunction with its 50th anniversary, Land
& General Berhad (L&G) proudly announced its highest ever audited
results since the emergence of the current single largest shareholder and its
new management team in 2007. L&G has recorded more than a two-fold increase
in both its revenue and net profit to RM491.9 million and RM128.7 million
respectively, up from RM216.3 million and RM57.2 million in the financial year
ended 31 March 2014.
Over the years, the current management team led by Low Gay
Teck has successfully launched a total of RM1.8 billion worth of properties. Out
of the RM1.8 billion, the group has sold approximately RM1.7 billion of its
launched projects.
The optimistic result has given the group confidence that
they are on the right track to achieve its goal. With a balance gross
development value and unbilled sales of close to RM650 million, the group is
positive that it will be able to sustain its earnings growth for the subsequent
years.
L&G plans to roll out RM2 billion worth of properties
within the next 12 months. Amongst the projects are serviced apartments on
Jalan Ampang, Damansara Foresta Phase 2 in Bandar Sri Damansara and Tuanku
Jaafar Resort Homes in Seremban.
Called The Elements 2, the serviced apartments in Ampang are
situated next to the group’s The Elements @ Ampang and occupy 5.67 acres of land.
It comprises four towers with a total of approximately 1,000 units, has an
estimated gross development value of RM800 million and is expected to be
launched in the first quarter of 2015.
The next parcel of the award-winning Damansara Foresta
development, Damansara Foresta Phase 2 sits on six of the master development’s
total 42 acres of land next to the Bukit Lanjan Forest Reserve. Comprised of
two towers which will offer a unique lifestyle of being at home among nature
yet still living in a prime location, the development has a gross development
value of RM600 million and will be shown off to the public between October 2014
and March 2015.
Last but not least, Tuanku Jaafar Resort Homes is an
upmarket residential township development located on 190 acres of land in
Seremban which comprises link houses, semi-detached houses and cluster homes.
It has a gross development value of RM600 million and has an expected launch
window of the first quarter of 2015.
Additionally, L&G has close to 2,500 acres of estate
land in Lembah Beringin which is currently operated under its wholly-owned
subsidiary plantation arm Clarity Crest Sdn Bhd. The land has a high potential
development value as it is only an approximate 50km away from the Sungai Buloh
toll. At present, oil palm and rubber are being grown there and this
contributes a steady flow of recurring income to the company.
With RM300 million in cash, the company has the flexibility
to explore landbanking opportunites. L&G is a net cash company with
marginal gearing where it is prudent with its balance sheet and always looking
to expand its landbank as and when an opportunity arises.
L&G has also declared a maiden dividend of 2 cents per
share which is equivalent to 10% on its share par value and more than 30% of the
net profit attributable to owners of the company with potential dividend
policies to be outlined in the near future.
The company is optimistic that it is on the right track to
achieve its goal of repositioning itself as a mid to large market capitalisation
property player and that it will be able to maintain its growth momentum in the
years to come.
|
|
FY’ 2014
|
FY’ 2013
|
|
Revenue (RM, mil)
|
491.9
|
216.3
|
|
Pre-tax Profit (RM, mil)
|
174.8
|
72.8
|
|
Net Profit (RM, mil)
|
128.7
|
57.2
|
|
Earnings Per Share (cent)
|
12.29
|
7.35
|
|
Dividends (cent)
|
2.0
|
0
|
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