Aspen Group has reversed into earnings of RM38.26 million ($11.54 mil) for its FY2024 ended June 30, from a loss of RM195 million last year.
Revenue for the full year was down 9% y-o-y to RM245 million.
This was contributed primarily by the property development segment from progressive construction of its ongoing projects such as Vivo Executive Apartment and Viluxe P1, as well as the sale of completed projects such as Vervea, Vertu Resort and Beacon Executive Suites.
Gross profit grew 8% y-o-y to RM38.2 million.
The company recorded net cash generated from operating activities of RM87.5 million for twelve months ended June 30, which comprised operating cash inflows after working capital changes of RM98.5 million and tax payments of RM11 million.
Moving forward, the extension of the Home Ownership Campaign (HOC) 3.0 until December 31, with its stamp duty exemptions for first-time homebuyers aligns with the Aspen’s offerings in Batu Kawan.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
“Malaysia is emerging as a beneficiary in the US-China chip war, with Penang playing a key player in the semiconductor industry. As the world's sixth-largest exporter of semiconductors, Malaysia underscores the area's growing importance on the global stage. The ‘China plus one’ strategy adopted by many multinational corporations’ positions Penang — and by extension, Batu Kawan as a critical location for future investments, especially in high-tech industries,” the company says.
Shares in Aspen closed 0.1 cent higher on Aug 29 or 2.2% up at 4.5 cents.
