KUALA LUMPUR, Feb 28 — SP Setia Bhd returned to the black with a net profit of RM284.36 million for the financial year ended December 31, 2021 (FY2021) compared with a net loss of RM320.75 million in FY2020.

Revenue rose to RM3.76 billion from RM3.23 billion previously, it said in a filing with Bursa Malaysia.

“The group’s Central region contributed the highest sales of RM2.92 billion, followed by RM556 million from the Southern region, while the international regions collectively registered RM762 million,” it said.

For fourth quarter of FY2021 (Q4 FY2021), its net profit more than doubled to RM123.31 million against RM56.50 million in Q4 FY2020.

However, revenue was marginally lower at RM1.03 billion from RM1.11 billion previously.

The company declared a final ordinary dividend of 0.65 sen per share as well as preferential dividends of 6.49 per cent and 5.93 per cent per annum, respectively, for its Islamic Redeemable Convertible Preference Shares A and B respectively for the financial period.

President and chief executive officer Datuk Choong Kai Wai said, moving into 2022, SP Setia expected a gradual recovery in the Malaysian economy, underpinned by the continued increase in global demand and higher private sector expenditure.

Headline inflation is expected to edge marginally upwards due to the disruptions caused by the global supply chain.

However, the improvement in overall income, employment conditions and consumer sentiments are expected to lift household spending which augurs well for the property sector.

“In view of these positive sentiments, we have set our FY2022 sales target at RM4.0 billion and intend to launch RM4.0 billion worth of new products focusing primarily on landed residential projects,” he said in a statement.

The new landed residential projects will be in Setia Alam, Setia Eco Glades, Setia Safiro, Setia Alam Impian, Bandar Kinrara, Setia Bayuemas, Setia Ecohill and Ecohill 2, Setia Eco Park, and Setia Warisan Tropika in the Central region; Setia Indah, Taman Rinting and Taman Pelangi Indah in the Southern region, and Setia Fontaines in the Northern region.

As of end-2021, SP Setia has 48 ongoing projects and effective remaining landbank of 2,928.71 hectares with a gross development value of RM122.4 billion. — Bernama