KUALA LUMPUR (Sept 29): Crescendo Corp Bhd's (KL:CRESNDO) net profit more than quadrupled in the second quarter due to the sale of two parcels of land in Johor to data centre developers. 

In its bourse filing on Tuesday, the property developer said the sale of the parcels in Kota Cemerlang Industrial Park (KCIP) and Nusa Cemerlang Industrial Park (NCIP) made up a bulk of its net profit for the quarter under review. 

For the three months ended July 31, 2026 (2QFY2027), net profit surged to RM70.6 million from RM15.2 million a year earlier.

Revenue for the quarter grew more than 2.5 times to RM201.42 million from RM78.124 million, driven by higher land sales and steady demand for industrial properties in Johor.

For the first half of the financial year (1HFY2027), net profit swelled almost tenfold to RM206.31 million from RM20.82 million a year ago, while revenue surged to RM519.30 million from RM143.19 million.

Crescendo declared a dividend of two sen per share for the quarter under review payable on Nov 12.

However, the group said its operating environment is expected to remain challenging due to ongoing geopolitical tensions, volatility in global supply chains and energy markets, as well as rising construction costs.

The property developer said it is optimistic about the market outlook in Johor, buoyed by the Johor-Singapore Special Economic Zone (JS-SEZ), key infrastructure projects such as the Rapid Transit System (RTS) link, and steady foreign direct investment inflows.

"Based on the locked-in sales and land sales at NCIP and KCIP, the board expects the group to continue to perform reasonably well in FY2027 notwithstanding the ongoing geopolitical and economic uncertainties," it added.

Crescendo shares were up one sen or 0.8% at RM1.26 on Tuesday, giving the group a market capitalisation of RM1.1 billion.

Read also:
Crescendo’s Johor land bank offers more than a data centre windfall