KUALA LUMPUR (April 22): Johor-based property developer Country View Bhd declared a 20 sen dividend on Tuesday after a ninefold rise in first quarter net profit due mainly to the sale of three pieces of commercial land in Taman Nusa Sentral, Iskandar Puteri.

The company said the rise in net profit for the first quarter ended Feb 28, 2025 (1QFY2025) to RM30.15 million, from RM3.24 million a year earlier, was also helped by the sales and ongoing construction progress of three-storey semi-detached shops at Aurora Sentral, Iskandar Puteri.

Earnings per share improved to 30.15 sen from 3.24 sen in 1QFY2024, according to the company's bourse filing.

Quarterly revenue more than doubled to RM114.22 million from RM43.75 million.
 
The company proposed an interim dividend of 20 sen per share, to be paid on June 3.

Country View said the property market in Johor Bahru remains poised for continued growth, driven by robust infrastructure developments, increasing foreign and domestic investments together with government support to spur economic growth.

"Together with ongoing initiatives like the Johor-Singapore Special Economic Zone (JS-SEZ) and the Forest City Special Financial Zone (SFZ), these growth drivers are set to boost demand for residential, commercial and industrial properties in Iskandar Malaysia," the company said.

The company plans to launch the remaining affordable housing units under the Rumah Mampu Milik Johor and Perumahan Komuniti Johor A schemes in Taman Nusa Sentral during FY2025.  

The company expects its revenue and performance for FY2025 to be derived from further sales of properties and the sales of the commercial lands in Taman Nusa Sentral, as well as the progress of work and sales of Aurora Resort Villas and Aurora Sentral.

Country View shares closed up five sen or 2.5% at RM2.09 on Tuesday, giving the company a market capitalisation of RM209 million. The counter has increased 32.28% so far this year.