SP Setia 9-months sales hit RM2.7b

We are optimistic that we will hit our sales target for this year, says Choong

SP SETIA Bhd recorded total sales of RM2.7 billion in the nine months to Sept 30 2022, and is on track to achieve its RM4 billion annual sales target.

The property developer’s 3Q’FY22 net profit grew more than six-fold to RM79.19 million on 44.8% higher revenue of RM860.94 million.

For the nine months period (9M’fy22), SP Setia’s net profit was up 35.22% to RM 217.78 million while revenue was marginally higher at RM2.75 billion, over the same period last year.

It said that sales were mainly from local projects, which contributed RM2.34 billion or about 87%, while the international projects contributed another RM359 million or 13% of the sales.

On the local front, the main contribution came from the central region with RM1.68 billion, aided by RM465 million from the southern region, while the northern region contributed RM201 million.

“Our concerted efforts in clearing completed inventories have paid off, whereby RM478 million were sold. Meanwhile, RM592 millions of bookings were secured as at Sept 30, 2022. 

“We are optimistic that we will hit our sales target for this year,” its president and CEO Datuk Choong Kai Wai (picture) said in a statement.

He said despite the current economic challenges, the developer believes people are still on the lookout for well-built homes in well-planned communities.

“With such offerings from SP Setia, we believe the group will achieve our sales target of RM4 billion set for this financial year. Backed by an unbilled sales totalling RM8.4 billion in place, this will provide earning visibility to the group for the short- to mid-term,” he added. 

The group is currently anchored by 47 ongoing projects and an effective remaining landbanks of 6,687 acres with a gross development value of RM119.47 billion as at Sept 30, 2022. — TMR/graphic by TMR