- S P Setia Berhad today announced that the Group had achieved a revenue of RM867.1 million and profit before tax of RM118.2 million for the first quarter ended 31 March 2022.
- Over the same period, the Group secured sales of RM679 million. Local projects contributed RM625 million, which represented approximately 92% of the total sales whilst the remaining RM54 million or approximately 8% were contributed by international projects. On the local front, sales were mainly derived from the Central region with RM420 million. The Southern region contributed RM140 million while another RM70 million was from the Northern region. The total sales secured were also complemented by the concerted effort in clearing inventories where RM159 million worth of inventories were cleared during this period.
- “In addition to the sales secured, the Group in the first quarter of FY2022 had also secured RM655 million bookings in the pipeline. The focus will be on the swift conversion of these bookings into sales,” said Datuk Choong Kai Wai, President & CEO of S P Setia Berhad.
During the period under review, the Group had launched landed residential and commercial projects worth approximately RM505 million of Gross Development Value.
On the global outlook, the lockdown in China has led to supply chain disruption resulting in price hikes for the construction materials. To alleviate the higher cost of construction, the Group will focus on design optimisation and re-value engineering to maintain the product pricing.
The Group anticipates that it will achieve its sales target of RM4 billion by intensifying its social media participation, enhancing product innovation, and using virtual technologies to boost sales.
Datuk Choong added, moving forward, other than focusing on clearing the completed inventories, the Group will remain prudent with selected new launches concentrating on the mid-range landed units in established townships to cater to the demand of owner-occupiers.
The Group is currently anchored by 47 ongoing projects and an effective remaining land bank of 7,060 acres with a GDV of RM121.54 billion. The unbilled sales which stand at RM9.84 billion will also provide earnings visibility in the short to
mid-term.
