KUALA LUMPUR: Melaka-based property developer Teladan Setia Group Bhd (TSG) posted revenue of RM75.6 million for the second quarter (Q2) 30 June 2022 (FY22) a jump of 86.6 per cent year-on-year (YoY) from RM40.5 million a year ago.

Net profit stood at RM14.2 million in Q2, rising by 85.9 per cent YoY from RM7.7 million in the same quarter FY21.

The quarterly bottom line reported was also TSG's highest since its listing on the ACE Market of Bursa Malaysia in March 2021.

The company declared a second single-tier interim dividend of 0.6 sen per share for the financial year ending 31 December 2022 (FY22).

The dividends will be payable on 19 September, 2022.

This followed its first single-tier interim dividend of 0.7 sen per share paid out on 20 April 2022.

Managing director Richard Teo Lay Ban said the reopening of international borders in April 2022 has significantly benefited tourism-driven economies such as Melaka.

"The resulting improvement in household income, coupled with post-pandemic pent-up demand, has led to strong property sales

this quarter.

"Besides that, growth was also attributed to our success in introducing new properties relevant to the local market," he said in a statement today.

The company's Taman Bertam Heights Phase 1B, a gated-and-guarded township project launched in February 2022, has already been fully taken up, while Taman Desa Bertam Phase 3B1, introduced in Q2 FY22, has also generated a strong market response so far.

TSG plans to launch four more projects with a gross development value (GDV) of RM808.2 million by 2022.

Among them include the company's first project outside of Melaka, comprising two towers of serviced apartments in Seri Kembangan, Selangor.

"While the sentiment in the first half of the year has been largely positive, we are cognizant of the potential headwinds ahead.

"Our focus remains on introducing homes relevant to the demographics and thus possess price inelasticity," Teo added.

On a quarter-on-quarter (QoQ) basis, TSG's revenue increased by 28.4 per cent from RM58.9 million in Q1 FY22.

At the same time, net profit leapt 50.4 per cent QoQ from RM9.5 million in Q1 FY22.

TSG currently holds one of the largest undeveloped landbank in Melaka at approximately 1,099.4 acres.