LAND & GENERAL BERHAD ANNOUNCES THE GROUP’S REVENUE FOR ITS FINANCIAL YEAR 2020 DURING 57TH ANNUAL GENERAL MEETING

Published by Kevin Chong @ 26/10/2020

Land & General Berhad - Tan Boon Siong (CFO) and Low Gay Teck (Managing Director)

On its 57th Annual General Meeting, Land & General Berhad announced the group’s revenue of RM139.7 million for its financial year (FY2020) that ended on 31 March 2020, was marginally higher compared to RM134.4 million from the previous year. However, the group’s pre-tax profit was RM26.2 million for FY2020, down from RM52.9 million a year ago, which is due to its other income being reduced by half in FY2020.

During its financial year of 2020, the group concentrated on developing and selling its on-going projects, which resulted in achieving a higher number of units sold and sales value achieved as compared to a year ago. For the next calendar year, the Group plans to launch 2 new development projects namely Aria Rimba in U10 Shah Alam, and another unnamed project located at the former Sri Damansara Club in Bandar Sri Damansara.

The Sri Damansara Club project will be a 14-acres mix development located along Persiaran Perdana from the group’s head office in Bandar Sri Damansara with an estimated total GDV of RM2.0 billion. For next year, L&G plans to launch Phase 1 (732 units of high-rise serviced apartments) and Phase 2 (602 units of affordable Type D units) with a combined GDV of RM570 million.

Land & General Berhad - Tan Boon Siong (CFO) and Low Gay Teck (Managing Director)

“L&G remains in a healthy financial position with a cash reserve of RM110 million as of 31 March 2020, and a net gearing ratio of only 0.09 times of its shareholders’ funds. The Home Ownership Campaign 2020, together with the current low-interest-rate environment, should help stimulate demand. With Phase 1 Astoria Ampang and Phase 1A Sena Parc now completed, and with the 2 attractive developments coming on-stream next year, we look forward to better sales and better financial performance next year,” said Mr. Low Gay Teck, Managing Director of Land & General AGM.