SkyWorld seeks strategic land in Malaysia, Vietnam

SkyWorld plans to launch new developments in Kuala Lumpur with an estimated gross development value of RM1bil in the financial year 2025.

PETALING JAYA: Skyworld Development Bhd reported a pre-tax profit and profit after tax attributable to owners of the company (patami) of RM39.4mil and RM20.7mil, respectively, for its fourth quarter ended March 31, 2024 (4Q24).

In a statement, the company said the earnings were achieved on the back of a revenue of RM158.3mil.

“Incorporating 4Q24 financial results, the company reported a revenue of RM688.6mil.

“The revenue was mainly derived from the progressive revenue recognition from the three developments completed during the financial year – SkySierra Residences (The Valley), SkyAwani IV Residences and SkyAwani V Residences, as well as the ongoing developments, EdgeWood Residences, SkyVogue Residences, Curvo Residences and Vesta Residences.

“Sales of completed inventories, mainly from SkyMeridien Residences, Bennington Residences and SkyAwani II Residences (commercial) further added to the revenue for the year under review,” it said.

SkyWorld said its pre-tax profit and patami, in turn, were RM160.1mil and RM107mil, respectively.

Going forward, SkyWorld founder and executive chairman Datuk Seri Ng Thien Phing said the company will remain resilient against current challenges and uncertainties caused by local and global economic landscapes.

Ng said SkyWorld is planning to launch new developments in Kuala Lumpur with an estimated gross development value of RM1bil in the financial year 2025 (FY25).

“We will continue to be on the lookout for strategic land in Malaysia and Vietnam to sustain our future development.

“We remain cautiously optimistic, moving forward, supported by unbilled sales of RM548.1mil, which will continue to provide earnings visibility for the next couple of years.”

SkyWorld declared a final single-tier dividend of one sen per ordinary share in respect of FY24, which will be paid on July 15.

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