Gordon Loke
KOTA KINABALU (Nov 22): Integrated property developer KTI Landmark Berhad (KTI) has recorded a strong sales
performance of RM230 million and order book of RM214.4 million from January to November this year.
Datuk Dr Gordon Loke, Group Managing Director and CEO of KTI, said the record sales represents an impressive jump of 55.6% from RM102.9 million sales recorded since its listing in June.
“The record RM230 million sales achieved in the first 11 months of 2024 has also surpassed our year 2023 sales of RM132.9 million. The sales will provide earnings visibility to KTI Group for the next two years,” he added.
The sales were recorded from its on-going projects namely Shorea and Astoria at The Logg in Kota Kinabalu, Kayana Heights and Araya Gardens at Ayuria Place in Alamesra, Residensi Seri Akasia and Plaza Lemawang 2 in Tuaran and Taman Seraya in Sandakan.
KTI had recently announced its third quarter (3QFY24) and nine-month (9MFY24) financial results ended 30 September 2024.
For 3QFY24, the Company posted 44.7% increase in revenue to RM53.0 million from RM29.3 million in 2QFY24 due to improved sales recorded from Plaza Lemawang 2 and Kayana Heights projects.
Quarter-on-quarter (QoQ), its profit after tax increased 87.6% to RM1.0 million from RM1.9 million loss after tax recorded in 2QFY24 due to the non-recurring listing
expenses of RM2.3 million.
For the cumulative 9MFY24, KTI recorded RM0.5 million loss after tax, on a revenue of RM109.3 million.
No comparative figures were available as it was the third interim financial report released by the Company in compliance with the listing requirements.
Commenting on the financial results, Loke said KTI’s revenues for 3QFY24 and 9MFY24 mainly came from its on-going property developments namely Residensi Seri Akasia Block C & D and Block E & F, Plaza Lemawang 2, Kayana Heights and The Logg projects together with revenue from an external construction project at Lok Kawi.
“If excluding non-recurring listing expenses of RM2.3 million incurred in 2QFY24, adjusted normalised profit after tax for 9MFY24 would be RM 1.8 million,” he added.
On prospects, Loke is confident that the demand for the Company’s industrialised building system (IBS) construction services will continue to grow.
“We had recently won a sub-contract under the Armed Forces Family Housing (RKAT) construction project at the Labuan Air Base, worth RM50 million from Jawat Johan
Sdn Bhd.
“This marks the second award received by KTI as the IBS specialist sub-contractor for the RKAT project. With this new award, the total contract sum secured by the Company for the year 2024 stands at RM214.4 million. The previous award was for the RKAT Kem Lok Kawi project and was awarded by Jawala Corporation Sdn Bhd in February 2024,” he further added.
