Damansara Realty posts 24% jump in revenue
Focus Malaysia 16 Aug 2018 16:04
Damansara Realty Berhad (DBhd) recorded its fifth straight quarter of profit by posting a first half Net Profit of RM1.5 million despite a softer property market.
DBhd also saw a 24 percent jump in revenue to RM145.5 million for the first half ended 30 June 2018 as compared to RM117.5 million for the same period last year. This performance was driven by recurring income from the Integrated Facilities Management (IFM) segment especially contracts in RAPID Pengerang and parking management contracts at Dataran Maybank and Etiqa buildings in Kuala Lumpur and several MRT stations.
This contribution from IFM has helped DBhd to maintain its profitability. “We believe it is crucial for DBhd to develop a diverse recurring stream of income. IFM is earmarked to bring in that recurring income which is stable and sustainable for continuous growth and we foresee that this segment will continue to drive DBhd forward in the future,” said DBhd’s Group Managing Director, Ts. Brian Iskandar Zulkarim.
“DBhd has also secured more than RM146 million worth of additional or new IFM contracts over the past year where it is expected to be the largest revenue & profit contributor for DBhd in the coming years,” said Brian.
“For our Property and Land Development (PLD) and Project Management & Consultancy (PMC) segments, DBhd looks forward to continue its niche focus in Hospital Planning & Development, Project Management and Consultancy services as well as Construction Management in Malaysia and overseas,” Brian added.
DBhd recently on July 4th announced the appointment of its Group Chief Executive Officer (GCEO) Ts. Brian Iskandar Zulkarim as its new Executive Director and Group Managing Director (GMD) effective immediately. He was responsible for the implementation of a Strategic Restructuring Plan that had returned DBhd to profitability in 2017 and brought its straight fifth quarter of profit in the first half of the year ended 30 June 2018.
*Ts. stands for the title of ‘Professional Technologist’ awarded by the Malaysia Board of Technologists (MBOT).