Sime Darby Property Berhad has exceeded its RM2.6 billion FY2022 sales target by achieving RM2.7 billion sales in the nine months ended 30 September 2022. This marks a 43% year-on-year increase from the RM1.9 billion sales achieved in the corresponding period in FY2021.
The Group also registered revenue of RM1.8 billion and profit before tax of RM323.1 million signifying 21% and 90% YoY growth. Profit after tax and minority interest soared over 100% YoY to RM212.7 million.
The Group’s 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 the steady progress of its land bank management and monetisation plan. Accordingly, the Group’s gross profit increased by 8% QoQ to RM207.5 million as further supported by the sustained operational performance from the Investment & Asset Management and Leisure segments.
Sime Darby Property’s Group Managing Director, Dato’ Azmir Merican said that the Group’s strong sales momentum from the start of the year which continued into Q3 FY2022 is a key indicator of earnings potential towards the end of the financial year.
“We are encouraged by our strong performance for the year-to-date despite the macro headwinds and market challenges. Our residential launches achieved encouraging demands including Serenia City’s ‘Serenia Anira 3’ with 80% take-up, while the semi-detached and detached factories in Elmina Business Park achieved 100% take-ups showing our capability in catering to the needs of businesses of any scale with solutions ranging from ready-built factories to customisable built-to-lease industrial properties,” he said.
In 9M FY2022, Sime Darby Property launched products amounting to RM2.1 billion in Gross Development Value (“GDV”). This comprises a diversified residential and industrial product mix at 44% and 54% of the total GDV launched with an average take-up rate of 90%.
Outlook for the Remainder of FY2022
Sime Darby Property is anticipating further launches across residential and industrial segments in Q4 FY2022 alongside the return of new high-rise residential products in Putra Heights, Selangor and Taman Melawati, Kuala Lumpur. On the back of increasing land activation and launches, the Group continues to demonstrate its financial strength as supported by its cash position of RM876.2 million and net gearing ratio of 28.2% as at 30 September 2022.
“Sime Darby Property has maintained healthy financial and operational performances despite the economic and market uncertainties. Our achievements indicate that the Group is on the right course of action with our strategies, product developments and offerings. We will maintain the discipline to end the year on a high note and deliver greater returns for our shareholders” said Dato’ Azmir.
