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Golden Land Berhad’s Q3 FY2025 Report: Navigating Growth Amidst Strategic Shifts
Greetings, fellow investors and market enthusiasts! Today, we’re diving deep into the latest financial report from Golden Land Berhad (GLBHD) for its third quarter ended 31 March 2025. This report offers a fascinating glimpse into the company’s journey, showcasing significant revenue growth and a commendable turnaround in profitability for the quarter, even as it embarks on strategic re-alignments within its core businesses. Let’s break down the numbers and understand what’s shaping GLBHD’s path forward.
Financial Performance: A Tale of Recovery and Growth
Golden Land Berhad has delivered a robust performance this quarter, demonstrating a positive shift in its financial trajectory. Let’s look at the key figures:
Individual Quarter (Q3 FY2025 vs Q3 FY2024)
Revenue
RM33.959 million
Compared to Q3 FY2024
RM30.518 million
Increased by 11%
The increase in revenue was primarily driven by a RM7.1 million contribution from the Midtown Plaza project, which helped offset a slight decrease from the D’Sini Residences project and the derecognition of RM1.1 million in revenue from the SMK Tinusa school project. The plantation segment also contributed positively with RM0.9 million from improved FFB prices.
Profit Before Tax
RM3.799 million
Compared to Q3 FY2024
(RM1.163 million loss)
A significant turnaround from loss to profit
Profit After Tax
RM2.991 million
Compared to Q3 FY2024
(RM1.423 million loss)
A strong return to profitability
This impressive swing to profitability was largely due to the reversal of impairment loss on trade receivables and contract assets, amounting to RM2.4 million, related to a construction school project.
Basic Earnings Per Share
1.53 sen
Compared to Q3 FY2024
(0.61 sen loss)
Positive EPS after a previous loss
Cumulative Quarter-to-Date (Q3 FY2025 vs Q3 FY2024)
Revenue
RM135.303 million
Compared to Q3 FY2024
RM97.615 million
Increased by 39%
This substantial cumulative revenue growth reflects improved sales across both the property development and plantation segments.
Loss After Tax
(RM2.251 million loss)
Compared to Q3 FY2024
(RM10.416 million loss)
Loss significantly reduced by 78%
While still reporting a cumulative loss, the significant reduction indicates a strong recovery and effective cost management strategies.
Quarter-on-Quarter (Q3 FY2025 vs Q2 FY2025)
Revenue
RM33.959 million
Compared to Q2 FY2025
RM42.678 million
Decreased by 20%
The sequential decline in revenue was primarily due to a decrease in property segment sales, although this was partially mitigated by an increase in Fresh Fruit Bunch (FFB) sales from the plantation segment.
Profit After Tax
RM2.991 million
Compared to Q2 FY2025
(RM5.346 million loss)
A strong rebound from a loss in the immediate preceding quarter
Despite the revenue dip, the quarter-on-quarter profit turnaround highlights the positive impact of the RM2.4 million impairment loss reversal.
Segmental Deep Dive: Property Shines, Plantation Realigns
GLBHD’s performance is a blend of its core segments:
Property Development Segment (Cumulative Q3 FY2025 vs Q3 FY2024)
Revenue: RM102.2 million (up from RM67.9 million, a 50.4% increase)
Profit: RM11.2 million (up from RM8.5 million)
This segment’s robust growth was propelled by strong sales from the D’Sini Residences project, which is now nearly 99% sold, and additional unit sales from Midtown Plaza. The company also successfully launched its Taman Lavender Residence project in Karak, Pahang, securing 32 signed Sale and Purchase Agreements (SPAs) and 67 unit bookings to date.
Plantation Segment (Cumulative Q3 FY2025 vs Q3 FY2024)
Revenue: RM34.3 million (up from RM29.7 million, a 15.5% increase)
Loss: RM1.1 million (narrowed from RM3.8 million loss)
The plantation segment, primarily operating in Indonesia, saw revenue growth due to higher Fresh Fruit Bunch (FFB) prices, even with a slight decline in sales volume. The reduced loss indicates improving operational efficiency within this segment.
Financial Health and Strategic Outlook
Beyond the income statement, the balance sheet and cash flow statements provide crucial insights into GLBHD’s financial health and future direction.
Balance Sheet Snapshot (As at 31 March 2025 vs 30 June 2024)
| Item | 31 March 2025 (RM’000) | 30 June 2024 (RM’000) | Change (%) |
|---|---|---|---|
| Total Assets | 575,724 | 627,378 | -8.2% |
| Total Equity (Attributable to Owners) | 304,643 | 335,771 | -9.3% |
| Net Assets Per Share (RM) | 1.42 | 1.57 | -9.6% |
| Total Borrowings | 188,829 | 198,546 | -4.9% |
While total assets and equity have seen a slight decrease, it’s important to note the reduction in total borrowings, indicating a move towards deleveraging.
Cash Flow Highlights (Cumulative Q3 FY2025 vs Q3 FY2024)
Net cash from operating activities: RM27.346 million (up from RM21.775 million)
Net decrease in cash and cash equivalents: (RM457 thousand) (improved from RM3.938 million decrease)
GLBHD has significantly improved its cash generation from operations, which is a healthy sign, and managed to reduce the overall decrease in cash and cash equivalents, reflecting better cash management.
Risks and Prospects: Strategic Focus for Future Growth
The management remains cautiously optimistic about the future, focusing on operational efficiency and long-term sustainability amidst a challenging global economic landscape. Malaysia’s GDP growth slowed to 4.4% in Q1 2025, suggesting a loss of momentum even before anticipated trade turbulence. However, GLBHD is not standing still.
Key Strategic Initiatives:
- Plantation Divestment: A significant development is the proposed disposal of PT Setara Kilau Mas Adicita (PT SKMA) and PT Sumber Bumi Serasi (PT SBS) for approximately RM147.25 million. This move will allow GLBHD to retain 4,507 hectares of planted land and concentrate on developing the remaining contiguous land under PT Tasnida Agro Lestari. This initiative is expected to enhance the Group’s financial position and significantly reduce its annual interest burden by approximately RM7 million. This is a clear signal of strategic asset optimization.
- Property Development Momentum: The strong sales performance of D’Sini Residences and the successful launch of Taman Lavender Residence indicate continued demand for GLBHD’s property offerings. The full sale of Midtown Plaza and Golden Gateway projects further reinforces confidence in their development strategy.
These strategic shifts underscore the company’s commitment to adapting to market conditions, streamlining operations, and strengthening its financial foundation for sustainable growth.
Summary and Outlook
Golden Land Berhad’s Q3 FY2025 report paints a picture of a company actively navigating market dynamics with strategic foresight. The significant turnaround in quarterly profit, coupled with strong cumulative revenue growth, highlights effective operational adjustments and a robust performance from its property segment. The proposed divestment in the plantation sector is a bold move aimed at de-risking and enhancing financial health, promising a reduction in interest costs and a sharper focus on core, profitable assets.
While the broader economic environment presents challenges, GLBHD’s management appears focused on maximizing profitability and ensuring long-term business sustainability. The company’s ability to generate strong cash flow from operations and reduce overall cash outflow is also a positive indicator of its financial resilience.
Key points from this report:
- Strong quarterly profit turnaround driven by impairment reversal.
- Significant cumulative revenue growth, primarily from property development.
- Strategic divestment in the plantation segment to improve financial position and reduce debt burden.
- Continued strong sales momentum in key property projects.
- No dividend was recommended for the period.
As a blogger, I see GLBHD taking decisive steps to optimize its portfolio and strengthen its financial standing. The focus on high-performing segments and the strategic divestment of non-core assets could unlock significant value and improve future profitability. It will be interesting to observe how these strategic realignments translate into sustained performance in the coming quarters.
What are your thoughts on Golden Land Berhad’s latest report? Do you think the strategic shifts in its plantation business will pay off in the long run? Share your insights and perspectives in the comments below!
