property

Plenitude sees 'new milestones' in real estate, hospitality after strong fiscal 2024

KUALA LUMPUR: Plenitude Bhd said it is well positioned to achieve "new milestones" in Malaysia's real estate and hospitality sectors in its financial year 2025 (FY2025) after reporting a strong set of results in fiscal 2024.

Its non-independent non-executive chairman Elsie Chua said that in FY2025, the group aims to continue expanding its real estate and hospitality businesses, with a strong emphasis on sustainability.

She said the strategy aligns with Plenitude's vision of building future-ready, sustainable communities while ensuring financial growth and environmental responsibility.

"Our performance in the financial year of 2024 (FY2024) reflects our resilience, adaptability, and ability to capitalise on emerging opportunities. As we progress, our focus remains on creating long-term value for our stakeholders while adhering to our mission of sustainable growth," she said during the company's 24th annual general meeting, held virtually today.

According to a statement issued by the company, the group's financial results in FY2024 were influenced by favourable market conditions in Malaysia, particularly the booming tourism sector. "The country welcomed 5.8 million foreign tourists in the first quarter of 2024, driving strong demand across Plenitude's hospitality portfolio," it said.

The group reported a net profit of RM63.82 million in FY2024 from a net profit of RM43.82 million in FY2023 while revenue jumped to RM511.56 million from RM361.71 million.

Plenitude said the property development division continued to anchor Plenitude's financial performance, contributing RM301.7 million, or 59 per cent of the group's total revenue.

"On the hospitality front, the division reported a 49 per cent increase in revenue to RM203.7 million in FY2024 from RM136.9 million in FY2023, fuelled by the group's strategic acquisitions of Holiday Villa Resort & Beachclub Langkawi and Travelodge Myeongdong Namsan in South Korea. Major revenue contributions came from hotels in Penang (36 per cent); followed by Kuala Lumpur (26 per cent) and Seoul, South Korea (16 per cent)," it said.

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