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KUALA LUMPUR: Sime Darby Property Bhd (SDP) returned to the black with a net profit of RM56.13 million in the third quarter ended Sept 30, 2022 (Q3’22) from a RM5.19 million net loss in the same quarter a year earlier.

Revenue increased to RM689.3 million from RM387.38 million previously, driven by improvement in the property development segment which registered higher revenues of RM640.64 million, a filing with Bursa Malaysia said on Nov 29.

SDP said the group has exceeded its RM2.6 billion financial year 2022 (FY2022) sales target by achieving RM2.7 billion sales in the nine months ended Sept 30, 2022 (9MFY2022).

“This marks a 43% year-on-year (y-o-y) increase from the RM1.9 billion sales achieved in the corresponding period in FY2021,” the filing said.

The group also registered a revenue of RM1.79 billion for the first nine months of FY22, a 21% y-o-y growth, the filing said.

Group managing director Datuk Azmir Merican said the group’s strong sales momentum from the start of the year continued into the third quarter, a key indicator of earnings potential towards the end of the financial year.

“Our residential launches achieved encouraging demands including Serenia City’s ‘Serenia Anira 3’ with an 80% take-up rate, while the semi-detached and detached factories in Elmina Business Park achieved 100% sales,” he said.

SDP is anticipating further launches across residential and industrial segments in the fourth quarter alongside the return of new high-rise residential products in Putra Heights, Selangor and Taman Melawati, Kuala Lumpur.

On the back of rising land activation and launches, the group continues to demonstrate its financial strength, supported by its RM876.2 million cash pile and a 28.2% net gearing ratio as at Sept 30, 2022, it said. – Bernama

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