KUALA LUMPUR, May 16 — SP Setia Bhd’s net profit for the first quarter ended March 31, 2024 rose to RM77.33 million versus RM55.45 million recorded in the same quarter last year.

In a filing with Bursa Malaysia, the property developer said revenue jumped to RM1.48 billion from RM967.67 million previously, buoyed by contributions from its property development, construction, investment holding and other segments.

“The Group’s property development segment achieved revenue of RM1.41 billion in the first quarter (1Q 2024) which is RM511.4 million or 57.1 per cent higher than 1Q 2023 mainly due to the higher contribution from Vietnam with the handover of Eco Xuan and higher domestic property development revenue during the current quarter.

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“The land sale revenue in 1Q 2024 amounted to RM424.2 million (1Q 2023: RM38.4 million),” it said.

On prospects, the company said new projects with a combined gross development value of RM146.2 million were launched during the quarter. Coupled with favourable market uptake, the group’s projections for continued upward momentum look secure.

“The group’s strong unbilled sales and 41 active projects spread across its strategically positioned landbanks underpin its measured approach in balancing capital allocation decisions and growth expansion plans,” it said.

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SP Setia said the group is on track to meeting its RM4.40 billion sales target for the year, bolstered by the four per cent to five per cent 2024 projected economic growth, resilient domestic demand and improved external demand outlook by Bank Negara Malaysia.

“We’re navigating the challenges presented by a volatile global economy with a measured and strategic approach that keeps us at the forefront of industry innovation and market leadership,” said SP Setia president and chief executive officer Datuk Choong Kai Wai in a statement to Bursa Malaysia. — Bernama