KUALA LUMPUR: Skyworld Development Bhd plans to launch new projects in Kuala Lumpur with total estimated gross development values exceeding RM1bil in the current financial year ending March 31, 2024 (FY24).
As of March 31, the developer has unbilled sales amounted to RM944.6mil, providing visibility of future revenue.
Skyworld will explore new growth opportunities by expanding its presence from Kuala Lumpur to the state of Selangor.
“The group has set aside RM100mil from the initial public offering (IPO) proceeds for land acquisition and actively scouting for land for future development.
“The group also intends to expand its footprint beyond Malaysia. The group is actively sourcing for suitable land in Ho Chi Minh City, Vietnam for its maiden development outside Malaysia,” Skyworld said in the notes accompanying its financial results.
During FY23, the group has initiated the construction of two built-to-rent properties, namely Sama Square and SkyBlox, in Setapak, Kuala Lumpur.
Both Sama Square and SkyBlox are expected to commence operations in second half of FY24 and contribute positively to the group, it said.
“Despite challenging and uncertainties in both local and global economic outlook, the board is cautiously optimistic that the financial and operation performances of the group are remain satisfactory in FY24,” Skyworld said.
In the fourth quarter ended March 31, Skyworld posted a net profit of RM58.2mil, or earnings per share of 93.13 sen on revenue of RM225.95mil.
For FY23, it posted a record RM841.4mil revenue and net profit of RM144mil, or 230.39 sen.
Skyworld has proposed a first interim single-tier dividend of 3.00 sen per share. The entitlement date is fixed on Sept 12 and payment will be made on Sept 22.
