Damansara Realty eyes 15pc growth this year
KUALA LUMPUR: Damansara Realty Bhd is eyeing a conservative profit growth of 15 per cent from its integrated facilities management (IFM) services this year.
Group chief executive officer Brian Iskandar Zulkarim said the IFM segment contributed 87 per cent to Damansara Realty’s total revenue for last year.
“We are very optimistic of our IFM prospects this year. We are looking to expand it as we see vast growth potential in this segment for us to provide end-toend IFM,” he said at a media briefing, here, yesterday.
The company, which suffered a net loss of RM27.8 million in 2016, turned around to record RM17.8 million net profit last year.
Its IFM segment contributed significantly to the firm’s revenue, with a 30.8 per cent jump in yearly revenue to RM221.6 million last year compared with RM169.3 million the year before.
This was mainly due to ongoing contracts from Petroliam Nasional Bhd, Malaysia Airports Holdings Bhd, Menara TM, Dataran Maybank and Etiqa buildings, MRT stations, Singapore Sports Centre and AeroDarat Services.
Its IFM offers include landscaping, food and beverage and catering, security, medical facility, hotel and cabin management, parking and logistics and cleaning services.
When asked on future bids this year, Brian said the company expects to bid for two major contracts this year..
“With the increase in demand from clients for single service providers that can offer one-stop solutions for all maintenance and operational requirements, our strengthened IFM segment is now able to provide a wider scope of services,” he said.
“This puts us on good standing to benefit from increased recurring income from a diverse suite of bundled offerings”
The company added it would potentially be able to raise up to RM239 million of funds, allowing it to draw down funds as needed and to boost its liquidity.
The funds will be used to accelerate the company’s development activities and finance working capital requirements for any newly-secured, ongoing and future projects.