PETALING JAYA: S P Setia Bhd will continue to sharpen its focus on disciplined execution, prudent capital management and earnings resilience as it evolves into a more balanced and integrated real estate platform that delivers sustainable long-term value to shareholders.
In a statement, the property developer said it is well positioned to capitalise on Malaysia's supportive economic landscape and selected overseas opportunities, anchored by a diversified portfolio of established townships, eco-industrial parks and international development.
The company reported that its net profit for the third quarter ended Sept 30, 2026 (3Q26) declined to RM32.61mil from RM68.03mil in the previous corresponding period, while revenue dropped to RM672.55mil from RM872.26mil a year earlier.
In a filing with Bursa Malaysia, the property developer said its property development segment recorded revenue of RM612mil, 25% lower than RM811mil in 3Q25, primarily due to slower sales conversion in domestic development projects and absence of land sale transaction in the quarter.
“The decline also reflected a higher revenue base arising from more project completions against the same quarter in the preceding year.”
S P Setia said sales for 3Q26 amounted to RM918mil, led by the Central and Southern regions, which collectively contributed 56% of total sales, while international development projects accounted for 32%, largely supported by sales from Vietnam.
“For the last nine months this year, the group recorded revenue of RM2.32bil and profit before tax of RM391mil, with development revenue accounting for 83% of total revenue.
“Profit before tax moderated by 21% from 3Q25, mainly due to the expected lower contribution from land sales transactions.”
S P Setia said sales remained resilient despite softer market demand, reaching RM2.34bil for the nine-months period, supported by domestic developments of RM1.79bil (77%) and international developments of RM431mil (18%).
“Year-to-date borrowings reduced by RM402mil, with net gearing improving to 0.30 times from 0.35 times in 3Q25, in line with its ongoing deleveraging strategy.”
S P Setia president and chief executive officer Datuk Zaini Yusoff said the group’s 3Q26 performance reaffirmed the strength of its established townships and the resilience of its diversified portfolio.
“Improved sales momentum, coupled with a further reduction in borrowings, reflects our disciplined approach to growth. The groundbreaking of Atlas Melbourne marks another step in expanding our international presence.
“As we close the financial year, we remain focused on prudent launches, cost discipline and cash flow to deliver sustainable long-term value to our shareholders.”
The group reinforced its long-term commitment to Australia with the groundbreaking of Atlas Melbourne on Sept 17, 2026.
“Sales have exceeded 60% of the total units, reflecting strong buyer confidence ahead of construction.
“Further strengthening its Melbourne development pipeline, the group is targeting the launch of Sapphire Tower 2’s residential units in December 2026, advancing the next phase of the Sapphire by the Gardens precinct. Together with UNO Melbourne, Fulton Lane and Parque Melbourne, these developments deepen Setia’s presence in one of its key international markets,” it said.
In Vietnam, the group said its Setia Edenia in the township of EcoXuan in Ho Chi Minh City, Vietnam, remains on track for completion in 2027.
“The development is poised to emerge as a key landmark in the northern corridor of Ho Chi Minh City.”
