S P Setia president and CEO Datuk Zaini Yusoff.
PETALING JAYA: S P Setia Bhd reported a 78% increase in sales for the third quarter ended Sept 30, 2025 (3Q25), reaching RM1.59bil compared with RM894mil in the same quarter last year.
The improvement was supported by contributions from land transactions, while development sales remained stable quarter-on-quarter as the group continued with its property launches throughout the year.
Revenue stood at RM872mil, with overall performance mainly driven by local developments, although it was lower by 30.7% year-on-year (y-o-y), with net profit also down by 32% to RM68mil.
In a filing to Bursa Malaysia, the group attributed the more subdued 3Q25 y-o-y performance primarily to lower land sale contributions of RM234mil and reduced revenue from Australia projects after substantial handovers in 2024.
For the nine-month (9M25) period, total sales came to RM3.49bil, up from RM3.2bil in the same period a year earlier.
Domestic projects accounted for RM2.91bil, or about 83% of total sales, led by contributions from the Southern and Central Regions at RM1.25bil and RM1.48bil, respectively.
International projects made up RM577mil, or 17% of sales.
Net profit for 9M25 was halved y-o-y at RM234.9mil, as turnover also fell 38.8% y-o-y to RM2.5bil.
Similarly, S P Setia said the decline was mainly due to major land sale transactions and higher contributions from Australia and Vietnam in the prior year, following substantial handovers of completed projects.
“Revenue from land sales during the current period was almost RM1bil lower than in the previous period,” it added.
Meanwhile, net gearing improved to 0.35 times, reflecting ongoing efforts to pare down debt.
President and chief executive Datuk Zaini Yusoff said the company remained focused on delivering its projects and expanding within targeted growth segments, while maintaining a cautious outlook amid market uncertainties.
Furthermore, he noted that Bank Negara Malaysia’s decision to cut the overnight policy rate by 25 basis points in July 2025 could support property demand by improving affordability and reducing financing costs.
As a whole, the group said it will continue to accelerate its catalytic township developments, eco-industrial parks, strategic partnerships and capitalising on value creation across its key growth corridors.
The company also expects the government’s recent Budget 2026 measures – such as extending stamp duty exemptions to 2027 and enhancing home financing schemes – to provide additional support to the property market.
During the quarter, S P Setia entered into a joint venture with Mitsui Fudosan (Asia) Malaysia Sdn Bhd to develop a 113-acre residential project at Setia EcoHill in Semenyih.
The RM1.3bil gross development value (GDV) project, featuring 683 landed units, is targeted for launch in 2026.
In Vietnam, the Setia Edenia project in the EcoXuan township in Ho Chi Minh City, with a GDV of US$81mil, or RM381.1mil, broke ground in July and is scheduled for completion in 2027.
S P Setia said it remains on track to achieve its full-year sales target of RM4.8bil.
As of Sept 30, 2025, the group boasts a portfolio of 42 ongoing projects, supported by a land bank of 4,760 acres valued at a GDV of RM109bil.
Meanwhile, the company’s total unbilled sales stand at RM4.1bil.
