Sime Darby Property Berhad records RM3 billion sales achievement for the full year ended 31 December 2021 marking an exceed from the group’s sales target of RM2.4 billion and a significant 50% year-on-year increase.
The Group noted its highest number of new launches with 3,594 units of property worth RM3.7 billion in Gross Development Value (“GDV”), and a notable average take-up rate of 87% for its FY2021 launches. The strong sales achievements in FY2021 underpinned the Group’s financial results improvements against the previous year, with a 7.6% revenue increase to RM2.2 billion, profit before tax (“PBT”) soaring 156.5% to RM268.3 million, and profit after tax and minority interest (“PATAMI”) increasing by 127.3% at RM136.9 million.
Group Managing Director, Dato’ Azmir Merican said that the Group’s successful sales and financial achievements resulted from the company’s focus on growth and cost discipline throughout FY2021. “We were mindful of the challenges presented by the COVID-19 pandemic last year and focused on minimising disruptions to our business, allowing customers to continue engaging with our sales and customer service representatives.”
The Property Development segment marked a 7.7% YoY increase with revenue of RM2,069.7 million, contributing 93.2% to the Group’s total revenue. The segment registered an improved PBT of RM255.3 million compared to FY2020’s loss before tax of RM354.7 million. Overall, the segment’s achievement is attributed to construction progress and sales of new launches and completed residential and industrial products across its major townships in the Klang Valley and Negeri Sembilan.
Revenue for Q4 FY2021 increased by 4.8% to RM739.4 million from the previous year’s RM705.2 million and a healthy PBT of RM120.8 million. This marks a turnaround in profitability compared to LBT of RM38.5 million the previous year. The Group achieved RM1.0 billion sales in Q4 FY2021 and strong progress billings upon resumption of site progress in the Property Development segment.
Cash balance is at RM909.7 million, achieving positive operating cashflows of RM494.3 million. Net gearing ratio remained moderate at 32.0%. The Group’s unbilled sales increased 50% YoY to RM2.4 billion ensuring healthy income visibility extending beyond the next three years. Current bookings stood at RM2.1 billion, with completed inventories balances at a low of RM329.6 million.
Sime Darby Property added that it will continue the positive momentum from last year with strategic new launches worth RM2.8 billion in GDV planned for FY2022. In Q1 FY2022, the Group will launch new residential landed products with a GDV worth RM571.0 million in the City of Elmina, Bandar Bukit Raja, Serenia City, Bandar Ainsdale, Nilai Impian, and KL East; and high-rise products with a GDV worth RM156.0 million in Putra Heights.
