Property Hunter Magazine October Issue 2014 | Page 46

/// East Malaysia Property News

SARAWAK

PROPERTY NEWS

Keep track of the latest property and real estate news
plus reviews in the property market in Sarawak

Naim 2014 Q2 Net Profit Soars 217 Per Cent
The company in a filing to Bursa Malaysia said
it’s earnings for the first half of 2014 (1H14) also
jumped 148 per cent y-o-y to RM124.58 million
against RM50.24 million in 2Q13. However, Naim
said its 2Q14 revenue decreased 14 per cent
y-o-y to RM158.11 million while turnover for 1H14
dipped 0.5 per cent to RM312.16 million.

Naim’s construction segment recorded higher
revenue of RM164.3 million in 2Q14 compared
with RM143.1 million in 2Q13.

In its notes accompanying the results, the
property developer said sales for its property
division continued to be sustained by its township
development in Miri which registered strong takeup rates.

Going forward, Naim remains cautious on the
outlook of the property market in Sarawak given
the mixed outlook for the year ahead.

Nonetheless, Naim expects slower take-up rates
for its newly launched products comprising high
rise condominium and high end commercial units
in Kuching and Bintulu.
Additionally, the group has put in place strategies
such as aggressive marketing, competitive pricing
and attractive product packages to improve the
take-up rates.
Naim booth display at SHEDA Property Expo 2014

Naim Holdings Bhd’s (Naim) net profit for the
second quarter of 2014 (2Q14) soared 217 per
cent year-on-year (y-o-y) to RM28.76 million
compared with RM9.08 million in 2Q13.

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The higher revenue was due to higher progress
of construction works from existing projects,
especially contracts secured in 2013.

“Product planning and pricing as well as
tightening of cost control strategies are amongst
key measures to be implemented to sustain
performance for its property segment,” it said.
Looking ahead, Naim said a number of sizeable
construction tenders has been submitted.
The company is cautiously optimistic to secure
some of the contracts to replenish its order book
which stood at more than RM1 billion currently.

With the demand from the Sarawak Corridor
of Renewable Energy (SCORE) projects, Naim
believes continued growth in the current property
market in Sarawak will help to sustain demand for
its properties.

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