Naim Posts Profit Of RM30.8 Million In First Quarter

Respected home builder and award winning contractor, Naim Cendera Holdings Berhad (Naim) has posted a group pre-tax profit of RM30.8 million on revenue of RM71.90 million for the quarter ended 31 March 2005.

The pre-tax profit was marginally lower than the RM32.3 million recorded in the corresponding quarter of the previous year but the group is confident of chalking up yet another good result for 2005.

The first quarter results of 2005 were announced following Naim’s Board of Directors’ Meeting followed by their Third Annual General Meeting held at Holiday Inn Resort Damai Lagoon on 25 May 2005.

At the AGM, the shareholders gave their approval for the proposed final dividend payment of 7 sen per share less tax amounting to RM12,524,420.00, making a total dividend payout of 12 sen per share amounting to RM21,476,533.00 for the financial year 2004, an increase of more than 33% over the 9 sen per share less tax for financial year 2003.

The company is riding high on its flagship property development projects including those at Desa Ilmu in Kota Samarahan and Bandar Baru Permyjaya in Miri that has contributed 71.7 % to the group profit before tax for the current quarter with the balance coming principally from its construction activities.

At the AGM, shareholders were happy that Naim achieved another record-breaking result for 2004 with profit before tax of RM114.96 million, an improvement of 47% over the RM77.99 million (on a proforma basis) achieved for the year ended 31st December 2003. This was achieved on the back of RM343.71 million in revenue.

The sterling 2004 results brought Naim’s earnings per share to a record high of 28 sen which is an improvement of 43% over what was achieved over the previous financial year.

In a filing with Bursa Malaysia, Naim stated that property sales in 2005 will continue to remain favourable with financial institutions offering attractive financial packages for home buyers.

The healthy population growth and high rural-urban migration are also factors leading to robust demand for residential properties in Sarawak.