PETALING JAYA: S P Setia Bhd has achieved sales of RM1.03bil in the first quarter of 2023, which put it on track to meeting its financial year 2023 (FY23) sales target of RM4.2bil.
According to the property developer, local projects contributed RM903mil or about 87% to sales, while international projects contributed the remaining RM130mil or 13%.
The sales were largely secured from the central region with RM546mil whereas the southern region contributed RM285mil.
Over the quarter, the group said revenue came to RM967.67mil compared with RM867.1mil in the same quarter in 2022.
Net profit over the three months was RM55.45mil, representing an earnings per share of 0.36 sen, compared with RM67.5mil in the comparative 2022 quarter.
During the three-month period, S P Setia cleared RM107mil worth of completed inventories and secured total bookings of RM512mil.
President and chief executive officer Datuk Choong Kai Wai said the achievement reflected improvement given the challenging macroeconomic environment and market sentiment.
He said the group’s performance is expected to remain resilient given the unbilled sales pipeline of RM7.17bil, 45 ongoing projects and an effective remaining land bank of 7,459 acres with a gross development value (GDV) of RM128.02bil as at March 31, 2023.
Moving forward, Choong said the group is prioritising the creation of sustainable community developments by taking cue of the current market demand and buyers’ affordability levels.
“We continue to emphasise on offering new planned launches that meet the buyers’ demand.“The group has diversified into hospitality and industrial property sectors and is slated to further expand our presence in Australia and Vietnam given the strong growth potential prevalent in these markets,” he said in a statement yesterday.
For FY23, S P Setia planned to launch RM4.89bil worth of local properties with launches concentrated in the central region with a gross development value of RM3.83bil.
There are also planned launches worth RM403mil in Johor and RM575mil in the northern region.
