As at end-December 2020, PJH had delivered 41 government building projects with a total gross built-up area of 42.3 million sq ft, including the 4.8 million sq ft Parcel F development completed in April 2019. As construction of government buildings is reaching the tail end, PJH has increased its undertaking of commercial and residential property projects. These are mainly located in Putrajaya, complementing existing developments including affordable housing projects for civil servants through the Perumahan Penjawat Awam Malaysia (PPAM) scheme. It has commenced two mixed development projects, comprising a retail mall, a serviced apartment complex, an event hall, MRT and non-MRT commuter facilities as well as a hotel and office suite in Precincts 7 and 8 while another project in Precinct 8 is still in the planning stage. These ongoing projects have a combined gross development cost of RM775.8 million and will be funded through proceeds from the group’s recent RM1.0 billion Sukuk Wakalah Programme. 

PJH’s increased involvement in private development projects exposes the company to market risk amid a weak property market. Nonetheless, non-government related projects remain modest at this juncture. Total property inventory stood at RM464.5 million as at end-December 2020, of which more than half comprises semi-detached houses priced above RM2.0 million per unit. Overall, the average take-up rate for PJH’s ongoing residential projects is 58% during the period. 

For 2020, PJH recorded revenue and operating profit of RM1,794.0 million and RM979.2 million. Cash flow from operations (CFO) increased to RM1.6 billion (FY2019: RM1.3 billion), mainly from reducing property inventories, particularly its affordable housing units. Its debt-to-equity (DE) ratio improved to 0.55x from 0.64x in the previous year. PJH derives annual lease rental income of RM1.6 billion which is more than sufficient to meet principal repayments of between RM470.0 million and RM835.0 million annually over the next five years. PJH retains a strong liquidity position with a moderate dividend payout of about 30% of its annual net profit in 2020.