DAMANSARA REALTY BERHAD’S NET PROFIT MORE THAN DOUBLES TO RM9.8 MILLION
KUALA LUMPUR, 12 November 2019 – Damansara Realty Berhad (DBhd) saw its net profit more than double to RM9.8 million ended 30 September 2019, jumping 111 percent from RM4.6 million for the same period last year.
The Group also recorded a 54% increase in its profit before tax to RM12.6 million for the cumulative nine months despite a slight drop in revenue. DBhd’s outstanding profit growth is attributed to lower operating expenses, improved operational efficiency and contributions from its Central Park joint development project in Johor Bahru with Country Garden Group.
“Our business focus moving forward will be on high-growth markets and higher-margin projects for continued profitability and to sustain our growth track record,” said DBhd’s Group Managing Director, Ts. Brian Iskandar Zulkarim.
DBhd’s Property and Land Development (PLD) segment saw higher contributions to revenue last year due to sales of the remaining shop lots in Aliff Square 2, Johor Bahru, which is now fully sold.
“While we look to renew our existing Integrated Facilities Management (IFM) contracts, we’ve successfully secured new IFM contracts worth RM133.91 million as at November 2019 from our tender book value of nearly RM500 million,” Ts. Brian Iskandar added.
In September, DBhd had secured a contract to supply skilled cleaning operatives worth RM21.2 million to one of Malaysia Airports Holdings Berhad (MAHB) subsidiaries.
“These secured contracts speak volumes for our committed efforts in expanding our services beyond the traditional facilities management engineering services,” said Ts. Brian Iskandar.
In October, DBhd and its joint venture partner Country Garden, launched Phase Three of the Central Park development in Johor Bahru, which currently comprises 216 double-storey terrace units with an estimated gross development value (GDV) of RM187 million.
The Group is also working on launching its Aliff Square 3 commercial project in Tampoi, Johor, by the end of this year, comprising of 68 units of shop-lots to cater for an existing waiting list of interested buyers.
Additionally, DBhd’s joint development project with state investment arm, Menteri Besar Negeri Sembilan Incorporation (MBNSI) at the 50-acre commercial land in Sendayan is being slated to start sometime in 2020.