20 hours Ago By Bernama
KUALA LUMPUR: Paramount Corporation Bhd's net profit increased to RM102.44 million in the financial year ended Dec 31, 2024 (FY2024) from RM82.83 million a year ago.
Revenue for the year also improved to RM1.04 billion against RM1.01 billion, attributed mainly to investment income and gains from other segments, a Bursa Malaysia filing said.
For the fourth quarter ended Dec 31, 2024 (4Q FY2024), its net profit rose to RM54.11 million from RM28.20 million a year ago.
Revenue increased to RM361.08 million against RM309.35 million, driven primarily by the improvements in its investment, property and other segments.
On prospects, the property developer said the Malaysian residential market demonstrated resilience and growth over the past few years. Despite pandemic-related disruptions, the National Property Information Centre said in its Property Market Report 2023 that the sector's annual volume and value surpassed 2019 pre-pandemic levels, in line with the growth and recovery of the Malaysian economy, the company said.The growth in the Malaysian economy will continue to support the residential market.
"The group targets RM1.5 billion in property sales in 2025 along with contributions from unbilled property sales."The group is optimistic about FY2025 prospects and will remain cautious navigating the challenging global environment," Paramount said.
The company declared a single-tier third interim dividend payout of 1.5 sen per share for FY2024. The ex-date is March 6, 2025, and the payment date is March 21, 2025.
The total dividend for the current financial year is 7.5 sen versus 2023's 7.0 sen.
-- BERNAMA TAGS: Paramount, FY2024, residential market, Property Market Report 2023 © New Straits Times Press (M) Bhd.
