SP Setia registers 1Q sales of RM1.03bil

KUALA LUMPUR: SP Setia Bhd achieved sales of RM1.03bil in the first quarter of 2023, which put it on track to meeting its FY23 sales target of RM4.2bil.

According to the property developer, local projects contributed RM903mil or about 87% to sales while international projects contributed the remaining RM130mil or 13%.

Sales were largely secured from the central region with RM546mil whereas the southern region contributed sales of RM285mil.

Over the quarter, the group said revenue came to RM967.67mil, which compared to revenue of RM867.1mil in the same quarter in 2022.

Net profit over the three months was RM55.45mil, representing an earnings per share of 0.36 sen, as compared to net profit of RM67.5mil in the comparative 2022 quarter.

During the three-month period, SP Setia cleared RM107mil worth of completed inventories and secured total bookings of RM512mil.

President and CEO Datuk Choong Kai Wai said the achievement reflected improvement given the challenging macroeconomic environment and market sentiment.

He said the group's performance is expected to remain resilient given the unbilled sales pipeline of RM7.17bil, 45 ongoing projects and an effective remaining landbank of 7,459 acres with a gross development value (GDV) of RM128.02bil as at March 31, 2023.

Moving forward, Choong said the group is prioritising the creation of sustainable community developments by taking cue of the current market demand and buyers' affordability levels.

"We continue to emphasise on offering new planned launches that meet the buyers’ demand.

"The group has diversified into hospitality and industrial property sectors and is slated to further expand our presence in Australia and Vietnam given the strong growth potential prevalent in these markets," he said in a statement.

For FY23, SP Setia said it planned to launch RM4.89bil worth of local properties with launches concentrated in the central region with a gross development value of RM3.83bil.

There are also planned launches worth RM403mil in the Johor region and RM575mil in the northern region.

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SP Setia , property , sales , Choong Kai Wai


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