PETALING JAYA: Teladan Setia Group Bhd’s net profit for the first quarter ended March 31, 2022 (1Q22) rose to its highest since the group’s listing on the ACE Market of Bursa Malaysia in March 2021.

       With growth driven by higher property sales as well as quicker construction progress, the Melaka-based property developer saw its earnings increase one-third to RM9.5mil from RM7.1mil in 1Q21.

       During the quarter in review, Teladan Setia’s revenue grew 42.4% to RM58.9mil from RM41.4mil in 1Q21, and its earnings per share (EPS) increased to 1.18 sen from 0.88 sen previously.

       Looking forward, the group plans to launch properties worth about RM1.04bil in gross development value this year.

       “Given the promising outlook, we plan to launch four more projects in Melaka along with our maiden development in the Klang Valley by the end of 2022.

       “The projects in Melaka are all landed residential properties, two of which are marketed to the middle-income segment while the other two are affordable housing projects offered to the masses,” managing director Richard Teo Lay Ban said.

       He said its balanced pipeline of projects in terms of pricing allows it to capture the bulk of the demographics in Melaka.

       “Meanwhile, our first venture into the Klang Valley is a high-rise residential project located in Seri Kembangan, Selangor, targeting the urban middle-class population.

       “We are confident in making a strong debut after having had multiple experiences of developing high-rise buildings,” he added.