Sime Darby Property 1Q net profit soars 103.7%

SIME Darby Property Bhd reported a significant year-on-year increase in its first-quarter net profit, driven by record-high quarterly revenue and strong sales. 

For the three months ended March 31, 2024, net profit surged 103.7% to RM123.58 million, while revenue rose 42.81% to RM978.69 million. 

Property sales increased by 38.8% to RM955.9 million, achieving 32% of the full-year sales target of RM3 billion, with notable contributions from industrial products. 

The group’s strong performance exceeded internal expectations, and it anticipates a favorable outlook for FY2024 with the launch of new projects. 

Unbilled sales totaled RM3.6 billion, ensuring earnings visibility for the next three years. –TMR