Radium Development Achieves Revenue Growth and Expands Property Portfolio with New Projects
Radium Development Bhd reported a 3.6% year-on-year increase in revenue for the third quarter of the fiscal year ending 2024 (3QFYE2024), reaching RM48.5 million, up from RM46.8 million in the same quarter last year. The company also recorded a significant turnaround in profitability, with profit before tax rising to RM7.7 million, compared to a loss of RM1.5 million in 3QFYE2023.
Financial Strength and Performance
As of September 30, 2024, Radium maintains a strong financial position, with a cash balance of RM237 million and a low gross gearing ratio of 0.04 times against shareholdersโ funds of RM760.8 million.
Radium Arena @ Old Klang Road
A major highlight for Radium Development this quarter is the launch of Radium Arena @ Old Klang Road, a high-rise residential project with an estimated gross development value (GDV) of RM550 million. The project, developed by Radium Global Sdn Bhd, a subsidiary of the group, caters to first-time homebuyers and upgraders.
Strategically located, Radium Arena capitalizes on Old Klang Roadโs connectivity and urban conveniences, marking a significant milestone in Radiumโs expanding property portfolio.
Diversification into Hospitality with Boutique Hotel in Ampang
Radium has allocated approximately RM109.3 million from its initial public offering to develop a 145-room boutique hotel in Ampang, Kuala Lumpur. This initiative reflects Radiumโs strategy to diversify its portfolio and leverage Kuala Lumpurโs growing tourism sector.
Group Managing Director Datuk Gary Gan Kah Siong emphasized:
โOur continued expansion of landbanking and diversification into the hospitality sector are integral to our growth strategy. These initiatives strengthen our property development portfolio and align with our commitment to creating long-term sustainable value for stakeholders, contributing to Malaysiaโs urban landscape.โ
Success of Desa East Residences
Radiumโs Desa East Residences, comprising Vista Adesa and Radium Adesa, continues to attract interest. Launched last year, the developmentโs strategic location, strong connectivity, and flexible spaces resonate with market demand. This success highlights Radiumโs ability to deliver projects that meet evolving homebuyer preferences.
Future Outlook
Radiumโs strategic initiatives, including new project launches and diversification into the hospitality sector, position the company for sustained growth. With its robust balance sheet and focus on meeting market demands, Radium aims to solidify its role as a key player in Malaysiaโs urban property development sector.
