Sime Darby Property posts record revenue of RM3.4b, net profit of RM408m

SIME DARBY Property Bhd posted a revenue of RM3.437 billion for the financial year ended Dec 31, 2023 (FY23), up 25% from the year before, the highest since the demerge from its then parent in 2017.

For FY23, it chalked a net profit of RM407.9 million, a good 29% higher than the year before.

Some 94% of its revenue came from the property development segment, up 27% from FY22, from a sustainable unbilled sales pipeline, strong sales contribution from residential and industrial products with increased on-site development at a number of its projects.

“We set high targets, and are pleased to have far exceeded these expectations,” said Sime Darby Property group MD Datuk Azmir Merican (picture) in a statement today accompanying the release of its financial results.

For FY24, the group has announced a sales target of RM3 billion and launches worth RM3.9 billion.

In 2023, Sime Darby Property launched products worth RM4 billion in gross development value (GDV), of which 17% comprised industrial products in Elmina Business Park, Bandar Bukit Raja, and Serenia City in Selangor; Hamilton Nilai City and Nilai Impian in Negeri Sembilan; and Bandar Universiti Pagoh in Johor.

It said residential landed and high-rise products recorded an average take-up rate of 73% for the same period, with Emilia in Nilai Impian and Teja in Subang Jaya City Centre recording a 100% take-up rate.

On the international front, the group’s Battersea Power Station project achieved £243 million (RM1.4 billion) of residential sales in 2023.

Sime Darby Property declared a second single-tier dividend of 1.5 sen per share in the fourth quarter of FY23. This brings total dividends for FY23 to 2.5 sen per share, amounting to RM170 million.

In Sime’s November 2017 demerge, Sime Darby carved out two other listed entities namely Sime Darby Plantation Bhd and Sime Darby Property.

Sime Darby Properties shares closed at 79.5 sen today, valuing the company at RM5.37 billion. – TMR