KUALA LUMPUR (Nov 19): Melaka-based property developer Teladan Group Bhd's (KL:TELADAN) revenue expanded 17.7% to RM80.67 million — the highest since it was listed in March 2021 — for the financial quarter ended Sept 30 (3QFY2024) from RM68.56 million in the same quarter a year ago. 

The revenue growth, the developer said, was driven by higher revenue from its residential projects in Taman Bertam Heights Phase 1A, 1B and 2A and Taman Impiana Kesang Phase 1 and 3.

However, its net profit grew by 3.42% (3QFY2024) to RM7.87 million, against RM7.61 million in 3QFY2023, the Main Market-listed company said in a filing. 

Earnings per share grew to 0.97 sen from 0.94 sen.

Teladan has declared its first interim dividend of half a sen per share for FY2024, to be paid on Dec 30. In FY2023, the group declared a dividend of half a sen per share, which was lower than the 1.3 sen per share in FY2022 and one sen per share in FY2021.

For the first nine months of FY2024 (9MFY2024), the company’s net profit, however, dropped 23% to RM18.08 million against RM23.5 million, mainly due to lower gross profit margin and higher finance cost during the quarter.

Revenue for the 9MFY2024, meanwhile, increased 15.5% to RM234.24 million from RM202.79 million from the ongoing projects of Taman Bertam Heights (Phases 1A and 2A), Taman Impiana Kesang (Phases 1 and 3) and Taman Desa Bertam (Phase 4B), but was partially offset by lower contributions from completed projects of Taman Desa Bertam (Phases 3A and 3B) and Bali Residences. 

As of 9MFY2024, Teladan’s total property sales stood at RM221.5 million. The group plans to launch properties with a gross development value (GDV) of RM377.7 million this year, namely the German Technology Park Phase 1.

“This project is expected to strengthen Malaysia-Germany economic ties and boost Melaka’s position as a hub for industrial development,” it said.

As of end-September, Teladan’s undeveloped land bank stood at about 837.9 acres, according to the developer.

Shares of Teladan gained half a sen to 96.5 sen on Tuesday, valuing the company at RM785.52 million.