By Sharen Kaur
sharen@nstp.com.my
Published in NST on March 12, 2012
sharen@nstp.com.my
Published in NST on March 12, 2012
PETALING JAYA: THE Selangor State Development Corp (PKNS), a diversified group, hopes to increase last year's pre-tax profit of RM440 million in the current financial year ending December 31 2012, its chief said.
Established under the SEDC Act 1964, PKNS has over 20 subsidiaries and 14 associated companies. Combined, these companies chalked up revenues of about RM1.3 billion last year.
The 2011 earnings of PKNS are the highest ever achievement since its inception in 1964.
PKNS general manager Othman Omar told Business Times that he is bullish on the group's performance and certain key performance indicators are being met to spur growth.
These include maintaining sustainability and improving profitability for a good growth path year-on-year, he said.
"The key is to make money and contribute to the state. We are improving our delivery system in all aspects," he added.
Since 2009, the PKNS Group has achieved an average profit before tax (PBT) growth rate of 20 per cent.
During the 2009 global financial crisis, when other developers were deferring their projects or delaying their launches, PKNS had picked up pace to deliver an operational profit of RM160 million, higher than 2008.
For 2009 and 2010, the group's PBT increased to RM300 million and RM384 million respectively.
PKNS had embarked on a open tender system since 2009, leading the way to be more transparent in its dealings with private developers.
This has led to PKNS saving about RM115 million in 2010 and some RM100 million last year.
Othman said PKNS is targeting to save around RM100 million to RM120 million this year.
The PKNS Group has a healthy balance sheet with 0.1 gearing, to take on new projects and embark on land acquisition.
Currently, the PKNS development unit has over 4,657ha of undeveloped land in various parts of Selangor at historical value of over RM2 billion.
The plots are located mainly at Bernam Jaya, Selangor Science Park 2 in Cyberjaya, Kota Puteri and Antara Gapi.
The unit has smaller pockets of land in Shah Alam, Petaling Jaya, Bangi, Kota Damansara, Kelana Jaya and Ampang.
Combined, the existing landbank has potential to generate a gross development value exceeding RM15 billion.
Established under the SEDC Act 1964, PKNS has over 20 subsidiaries and 14 associated companies. Combined, these companies chalked up revenues of about RM1.3 billion last year.
The 2011 earnings of PKNS are the highest ever achievement since its inception in 1964.
PKNS general manager Othman Omar told Business Times that he is bullish on the group's performance and certain key performance indicators are being met to spur growth.
These include maintaining sustainability and improving profitability for a good growth path year-on-year, he said.
"The key is to make money and contribute to the state. We are improving our delivery system in all aspects," he added.
Since 2009, the PKNS Group has achieved an average profit before tax (PBT) growth rate of 20 per cent.
During the 2009 global financial crisis, when other developers were deferring their projects or delaying their launches, PKNS had picked up pace to deliver an operational profit of RM160 million, higher than 2008.
For 2009 and 2010, the group's PBT increased to RM300 million and RM384 million respectively.
PKNS had embarked on a open tender system since 2009, leading the way to be more transparent in its dealings with private developers.
This has led to PKNS saving about RM115 million in 2010 and some RM100 million last year.
Othman said PKNS is targeting to save around RM100 million to RM120 million this year.
The PKNS Group has a healthy balance sheet with 0.1 gearing, to take on new projects and embark on land acquisition.
Currently, the PKNS development unit has over 4,657ha of undeveloped land in various parts of Selangor at historical value of over RM2 billion.
The plots are located mainly at Bernam Jaya, Selangor Science Park 2 in Cyberjaya, Kota Puteri and Antara Gapi.
The unit has smaller pockets of land in Shah Alam, Petaling Jaya, Bangi, Kota Damansara, Kelana Jaya and Ampang.
Combined, the existing landbank has potential to generate a gross development value exceeding RM15 billion.
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