Plenitude: Growth in FY2022 Revenue and Pbt

Plenitude: Growth in FY2022 Revenue and Pbt
Plenitude Non-Independent Non-Executive Chairman, Madam Elsie Chua - Pix Provided

KUALA LUMPUR,10 NOVEMBER 2022 – Plenitude Berhad recorded a revenue of RM272.7 million for FY2022 with Profit Before Tax (PBT) of RM42.3 million. The PBT improved by 43% from the preceding financial year’s of RM29.5 million with a revenue of RM208.5 million.

Plenitude’s property development division contributed 81% of the total revenue to the Group, amounting to RM220.6 million. The divisions’ sales augmented to RM214.1 million for FY2022, of which ninety-two percent are landed houses.

The sales recorded in FY2022 were from the completed Phase 19 & 20 – Clarinet and Harp; in Taman Desa Tebrau, Johor Bahru, Phase 4E - Topaz in Taman Putra Prima, Puchong, and Bintang Maya 2 in Sungai Petani; and the ongoing development of Phase 5 - Diamond, Taman Putra Prima, Puchong and Bintang Maya 3, Sungai Petani as well as the newly launched Phase 19 & 20 (3D) – Cello, Taman Desa Tebrau.

“Plenitude takes pride in the fact that its strong suite of products offered across different states and regions where property demand remained resilient was a strategic move that benefitted the division.

“We hope to bank on this competitive advantage to reap success in our upcoming launches of the new phases in Taman Desa Tebrau (Cello 3B and Harp 2C), the new township of Impian Hills, Ulu Tiram as well as the single storey bungalows in the new mixed development township of Bukit Bintang, Sg. Petani, Kedah in FY2023,” says Plenitude Non-Independent Non-Executive Chairman, Madam Elsie Chua.

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Its long-term strategy of strengthening the business now sees the Group holding a landbank of approximately 1,192 acres which is expected to grow.

Plenitude also recently launched the “Home Sweet Home by Plenitude” campaign which offers exciting deals to entice the market to make home ownership more attainable.  The campaign includes the participation of six amazing projects across Plenitude’s five different locations in Penang, Kedah, Johor, and the Klang Valley with exclusive privileges up for grabs including attractive rebates, free legal fees, free stamp duties and many more.

Plenitude Growth In Hospitality Division

Plenitude also recently launched the “Home Sweet Home by Plenitude” - Pix Provided

Meanwhile, its hospitality division registered a significant increase in revenue at RM47.5 million, growing 137% from the year before, at RM20 million. The lifting of the travel ban contributed to higher revenue generated from improved occupancy and higher daily room rates at Plenitude’s hotels. Additionally, the cost rationalisation exercise that the Group undertook to lower operating costs helped reflect better performance.

As of 30 June 2022, the Group owned eight hospitality assets, and two residential assets namely Tanjung Point Residences in Penang and Domitys Bangsar Kuala Lumpur. Plenitude recently welcomed the Domitys brand from Europe, a leading provider of senior living facilities with more than 24 years’ of experience helping seniors to live independently in a comfortable and safe environment.

Domitys Bangsar Kuala Lumpur is the first senior living residence in Asia under the Domitys brand, which opened its doors and welcomed residents and guests in October 2022.  Plenitude also invested a total of RM136 million in Travelodge Honmachi Osaka, Japan, a 14-storey high-speed WiFi-equipped accommodation offering 138 rooms for short or long-term stays.

The Group awarded a single-tier dividend of 2.5 cents per share following the encouraging overall financial performance in FY2022 which was tabled for the shareholders’ approval held at the annual general meeting (AGM) on 9 November 2022.

“Bank Negara Malaysia’s projection of the country’s Gross Domestic Product (GDP) of 6.5% - 7% this year signifies better times ahead and Plenitude is optimistic that there will be significant growth in local demand for both property and hospitality sectors. Plenitude is confident of receiving an encouraging response to the launch of its new phases, townships, hotel, and senior living residences,” adds Chua.

In support of the country’s sustainability agenda, Plenitude integrates sustainability values into its business operations, management, and decision-making.  

All of Plenitude’s on-going developments adopt energy efficient practices; which are eco-friendly incorporating an abundance of green lungs within a nature-inspired community living; while upholding  its commitment to environmental, social and governance (ESG) principles.