15 LEADERSHIP ENRA GROUP BERHAD ANNUAL REPORT 2023 PROPERTY DEVELOPMENT Revenue for the Property Development division improved from RM2.68 million in 2022 to RM5.61 million in 2023 primarily attributable to the disposal of Hamptons land for RM4.50 million. The remaining revenue was generated from the completion of construction for Taman Iram Perdana. Despite the increase in revenue, gross profit remained stable because the profit margin from the sale of land was low. This division incurred an LBT due to the impairment exercise carried out on our EPUK land in Rugby. Construction on the foundation for our second project, Taman Vista Impian, Dengkil began in July 2022. To date this development has attracted a significant level of interest and we hope to officially launch it for sales in early FYE 2024. Our development in Rugby, UK continued to face headwinds from fluctuating exchange rates, and supply and logistical considerations, which did not exist prior to the pandemic. We continued to refine various ideas to develop the land in order to maintain the feasibility of this project – a process which is still ongoing. MRO SERVICES The Group continues to expend efforts to develop this business segment especially following the strategic decision to diversify our core business into the MRO segment. Revenue for the MRO Services division decreased from RM2.91 million in 2022 to RM1.20 million in 2023 as a result of a lower activity with our primary clients. We continue to build our track record with the major international oil company IOC through servicing more of their diesel engines. After diversification had been approved, we had been active in setting up a team and planning the set-up of a new facility. PROPERTY DEVELOPMENT Management Discussion and Analysis (Cont’d) FYE 2022 FYE 2022 FYE 2023 FYE 2023 RM2.68 mil RM2.91 mil RM0.51 mil RM0.91 mil (RM1.50 mil) (RM0.02 mil) RM5.61 mil RM1.20 mil RM0.59 mil RM0.13 mil (RM15.44 mil) (RM1.07 mil) MRO SERVICES Revenue Revenue Gross Profit/(Gross Loss) Gross Profit/(Gross Loss) PBT/(LBT) PBT/(LBT)
RkJQdWJsaXNoZXIy NDgzMzc=