Subang Jaya, 26 February 2025 – Property developer Avaland Berhad (“Avaland”) continued its strong growth momentum as the Group delivered a stellar performance in the financial year ended 31 December 2024 (FY2024) by achieving its highest-ever net profit of RM98.9 million, which was a 50% surge from the RM66.1 million recorded in 2023.
The robust bottom-line growth was fuelled by a 47% jump in revenue to RM893.6 million in FY2024, compared to RM607.1 million in FY2023. The increase in revenue was driven by advanced construction work progress across its ongoing projects coupled with strong demand for the Group’s projects launched in 2024, namely Casa Embun Phase 2, Amika Residences, Aetas Seputeh and Anja Residences & Signature Retail.
Apollo Bello Tanco (“Pol”), Chief Executive Officer of Avaland said, “FY2024 marks a historic milestone for Avaland, not only with our highest-ever net profit recorded but also with our strongest property sales performance since our listing. In FY2024, our property sales rose by 53% to RM894.2 million in FY2024 as compared to RM586.1 million recorded in the previous year. The record sales are a testament of our successful initiative to deliver products that caters towards the needs of different market segments.
The improved sales performance was driven by exceptional take-up for our ongoing projects, namely Aetas Damansara (100%), Sanderling (100%), Alira Subang Jaya (98%), Casa Embun (96%), and Amika Residences (65%).
At the same time, we further expanded our portfolio and launched five new developments in 2024 with a total gross development value (“GDV”) of RM1.8 billion, namely Phase 2 of Casa Embun, Amika Residences, Aetas Seputeh, Anja Residences & Signature Retail and Sanderling 2. The market response to these launches has been encouraging and reaffirms the demand for thoughtfully designed homes that focus on value creation, distinctive placemaking and are located in prime locations.”
As at 31 December 2024, the Group’s unbilled sales stood at RM900 million, marking a growth from RM863 million as at end-2023, providing the Group with strong earnings visibility in the years ahead.
Speaking on the Group’s prospects going forward, Pol said “The property sector remains on a positive trajectory, underpinned by sustained demand for residential properties. As such, we will not rest on our laurels despite the record-breaking year in 2024 as we aim to launch several projects in 2025 with a total GDV of RM1.6 billion. Coupled with the RM1.8 billion of new launches in 2024, we will have had launched RM3.4 billion over these two years, which will be the key driver to our next phase of growth. 2025 promises to be an exciting year for Avaland as we look forward to completing three projects and delivering 1,664 units to our customers, with a combined GDV of RM1.5 billion.
We remain cautiously optimistic about our growth prospects, supported by robust demand for our strategically located developments that align with evolving market needs. Our landbank of 189.4 acres across the Klang Valley, with an estimated GDV of RM11.1 billion, provides earnings visibility over the next 10 years. Underpinned by our low net gearing level of only 0.14x and our RM1.0 billion sukuk programme, we look to further solidify our position and ensure long-term sustainable growth by actively exploring strategic land acquisitions to expand our development pipeline and enhance future earnings potential.”
