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AME Elite Consortium Net Profit Doubled To RM28.5Mil In Q3

KUALA LUMPUR: Leading integrated industrial space solutions provider AME Elite Consortium Bhd (AME) saw its net profit double to RM28.5 million in the third quarter (Q3) ended December 31, 2023 (FY24) from RM13.9 million posted in the same quarter last year on stronger contribution from its industrial parks, and fair value gain from the sale of an industrial property

AME Elite Consortium Bhd boasts a well-regarded track record, marked by the successful establishment of five industrial parks in Johor.

from inventories to AME Real Estate Investment Trust (AME REIT).

Notably, AME also posted a robust revenue growth of 31.2 per cent in Q3 FY24, reaching RM176.2 million from RM134.3 million previously, attributed to increased contributions from property
development, engineering, and property investment and management services segments.

The property development segment, primarily driven by contributions from the company’s i-Park@Senai Airport City and i-TechValley industrial parks, achieved 96.4 per cent higher revenue of RM98.5 million versus RM50.1 million previously, on higher stages of work completed and timing
of income recognition of industrial properties.

Similarly, the property investment and management services segment reported revenue growth of 22.7 per cent to RM16.7 million in Q3 FY24 from RM13.6 million in the previous quarter.

The improvement was attributed to a higher number of leased industrial properties, increased rental income from workers’ dormitories, and management services income from industrial park tenants.

Meanwhile, the construction segment experienced a lower revenue contribution of RM35.2 million in Q3 FY24 versus RM66.3 million previously due to the stage of completion of ongoing projects.

In contrast, the engineering services segment witnessed 505.1 per cent revenue growth to RM25.8 million from RM4.3 million previously, also attributed to the stage of completion of projects.

AME group managing director Kelvin Lee Chai said the company’s industrial parks continue to experience robust demand from international players, attracting companies from major markets such as China, Hong Kong, the United States, Singapore, and more.

“This sustained interest underscores the appeal of Malaysia as an important destination for business expansion, further reinforced by the reputation of our sustainably designed and industrial parks.

“During our latest nine-month financial period, we successfully secured more than RM450 million in new industrial property sales and bookings, positioning us for sustainable performance going forward.

“Looking ahead, we are poised to capture even more demand from companies seeking to
expand their presence in Southeast Asia, further supported by expansions of our industrial parks at strategic locations in Malaysia,” he said in a statement.

For the nine-month period (9M) FY24, AME recorded a net profit growth of 10.9 per cent to RM86.3 million from RM77.8 million in the same period last year while revenue rose 51.0 per cent to RM632.1 million from RM418.7 million previously.

AME boasts a well-regarded track record, marked by the successful establishment of five industrial parks in Johor.

Ongoing projects include i-Park@Senai Airport City and i-TechValley at
the Southern Industrial and Logistics Clusters (SILC).

Additionally, AME has completed i-
Park@Indahpura, i-Park@SILC and District 6@SILC.

Among these developments, i-TechValley stands out as AME’s newest addition, launched in 2022.

Spanning 169.8 acres within SILC, i-TechValley features a specialised medical and healthcare cluster that has garnered significant interest from major industry players across global markets.

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