Sime Darby Property 3Q net profit swells as sales exceed full year target

SIME Darby Property Bhd’s net profit for the third quarter ended Sept 30, 2022 (3Q22), surged to RM56.13 million from a net loss of RM5.19 million a year earlier on the back of higher revenue.

The property developer told the stock exchange yesterday, revenue grew by 12% to RM689.3 million quarter-on-quarter driven by improvements in the property development segment, which registered higher revenues of 13% to RM640.6 million on the back of steady progress of its landbank management and monetisation plan.

Earnings per share were 0.8 sen versus loss per share of 0.1 sen.

For the cumulative nine months ended Sept 30, 2022 (9M22), Sime Darby Property’s net profit jumped to RM212.69 million from RM84.13 million, on the back of higher revenue of RM1.78 billion versus RM1.48 billion previously.

In a separate statement, Sime Darby Property said it had exceeded its RM2.6 billion financial year 2022 (FY22) sales target by achieving RM2.7 billion sales in 9M22.

It said this marked a 43% year-on-year increase from the RM1.9 billion sales achieved in the corresponding period in FY21.

Sime Darby Property group MD Datuk Azmir Merican said that the group’s strong sales momentum from the start of the year which continued into 3Q22 was a key indicator of earnings potential towards the end of the financial year.

On its outlook, Sime Darby Property said it was anticipating further launches across residential and industrial segments in 4Q22 alongside the return of new high-rise residential products in Putra Heights, Selangor, and Taman Melawati, Kuala Lumpur. — TMR / Sime Darby Property’s Facebook