KUALA LUMPUR: Sime Darby Property Bhd’s (SimeProp) strong sales momentum since the start of the year is a key indicator of earnings potential towards the end of the financial year, says group managing director Datuk Azmir Merican.
For the final quarter of the year, the property developer is anticipating further launches across residential and industrial segments alongside the return of high-rise residential products in Putra Heights, Selangor, and Taman Melawati, Kuala Lumpur.
“We are encouraged by our strong performance for the year-to-date despite the macro headwinds and market challenges.
“Our residential launches achieved encouraging demands including Serenia City’s Serenia Anira 3, with a 80% take-up.
“Meanwhile, the semi-detached and detached factories in Elmina Business Park achieved 100% take-ups, showing our capability in catering to the needs of businesses of any scale with solutions ranging from ready-built factories to customisable built-to-lease industrial properties,” said Azmir in a statement.
Year-to-date, SimeProp has achieved sales of RM2.7bil, exceeding its financial year 2022 (FY22) sales target of RM2.6bil.
In the third quarter ended Sept 30, 2022, the group posted a net profit of RM56.13mil, as compared with a net loss of RM5.19mil in the previous corresponding quarter.
Earnings per share came to 0.8 sen compared with a loss per share of 0.1 sen in the comparative quarter.
SimeProp reported revenue of RM689.3mil, 77.93% higher than RM387.38mil in the same quarter last year.
On a quarter-on-quarter (q-o-q) basis, the group’s revenue was up 12% due to improvements in the property development segment, which registered higher revenue of 13% to RM640.6mil on the back of steady progress in its land bank management and monetisation plan.