KUALA LUMPUR: SP Setia Bhd
recorded total sales of RM2.7bil in the nine months to Sept 30, 2022, and expressed confidence it is on track to achieving its annual sales target.
The property developer announced a six-fold jump (year-on-year) in net profit to RM79.19mil in 3Q'FY22 on 44.8% higher revenue of RM860.94mil.
Earnings per share for the quarter was 0.1 sen as compared to loss per share of 1.35 sen in the same quarter last year.
The performance brought SP Setia's 9M'FY22 net profit to RM217.78mil, up 35.22% y-o-y, and revenue to RM2.75bil, marginally higher over the same period last year.
Commenting on the improved sales result, president and CEO Datuk Choong Kai Wai said a main contributing factor was the digitalisation of the sales process.
"On top of that, we will continue to maintain our strong brand through continuous efforts to upgrade our product quality and delivery, workmanship and customer service," he added in a statement.
According to Choong, 87% or RM2.34bil of SP Setia's sales so far this year came from local projects, while the remaining RM359.mil was from international sales.
Of the domestic sales, RM1.68bil came from sales in the central region, RM465mil from the southern region and RM201mil from the northern region.
According to the group, RM478mil in inventories were sold while RM592mil of bookings were secured as at Sept 30, 2022.
Looking ahead, Choong said the progress of local projects is expected to improve by the fourth quarter of this year despite the acute labour shortage.
He added that Australian properties are also expected to contribute significantly to revenue in the final quarter of the year as developments there are progressing well.
"Sapphire by the Gardens was delivered to homebuyers last month while UNO Melbourne is slated for partial completion by the year-end," said Choong.
"Despite the current economic challenges, we believe people are still on the lookout for well-built homes in well-planned communities.
"With such offerings from SP Setia, we believe the group will achieve our sales target of RM4bil set for this financial year," he said.
He added that unbilled sales of RM8.4bil will provide earnings visibility to the group over the short-to-mid-term.
On sustainability plans, Choong said the group continues its enhancement throughout its project developments, including the installation of solar panels and electric vehicle chargers at selected new housing projects and commercial assets.
