PETALING JAYA: S P Setia Bhd delivered sales of RM864mil in its second quarter ended June 30, 2026 (2Q26), with domestic developments contributing RM784mil, representing 91% of the total sales, while international developments accounted for the remaining 9%.
In a statement, the property developer said the central and southern regions remained the key contributors, making up approximately 99% of total domestic development sales collectively.
Net profit dipped to RM98.06mil in 2Q26, compared with RM99.80mil in 2Q25, while revenue dropped to RM821.39mil compared with RM943.73mil a year earlier.
In a filing with Bursa Malaysia, S P Setia said its property development segment recorded revenue of RM772mil, 14% lower than RM893mil in 2Q25, primarily due to lower contribution from land sale revenue by RM115mil.
“Development revenue remained broadly stable against the same quarter in the preceding year, supported by continued progress across the group's domestic projects.”
Profit before tax (PBT) increased by 4% to RM193mil in 2Q26, supported by the one-off reversal of foreseeable loss provisions following the realisation of low cost land disposals, which strengthened the segment’s profitability for the quarter.
For the first half of financial year 2026 (1H26), S P Setia said it achieved revenue of RM1.65bil and PBT of RM298mil.
“The group further strengthened its financial position with a RM209mil reduction in borrowings, while net gearing remained stable at 0.31 times and reflected continued progress in its deleveraging strategy,” said the company.
Sales in the 1H26 stood at RM1.42bil, with domestic developments remaining the main contributor to the group’s sales, generating RM1.28bil representing 90% of the total sales, followed by international developments with RM0.14bil representing 10% of the total sales.
“The performance reflects continued sales activity amid a more challenging operating environment, with the expected lower contribution from land sale transactions,” it said.
Commenting on the performance, S P Setia president and chief executive officer Datuk Zaini Yusoff said the company’s 2Q26 results reflected the group’s continued resilience, supported by steady sales performance, lower borrowings and disciplined management of costs and cash flow.
“While the operating environment remains dynamic, our diversified portfolio, strategic landbank and focus on catalytic townships and eco-industrial parks provide a solid foundation for long-term growth.
“We will continue to execute with discipline as we advance key developments in Penang and Vietnam, while strengthening S P Setia’s position as a leading property developer in Malaysia and the region.”
