S P Setia Berhad released its first half and quarter 2 performance with revenue coming in at RM1.9 billion while Q2 dipped to RM942 million compared to RM1.01 billion in 2022.
Profit for the quarter dropped significantly to RM58 million compared to RM104.9 million the group registered in the previous years quarter. For 1H, profits were at RM121 million dropping from RM184 million secured in 2022.
The group said its total sales were at RM2.56 billion with local projects contributing RM2.19 billion or approximately 86% ofthe sales. Sales in the Central region generated RM1.49 billion, supported by RM589.0 million from the Southern region and RM74.0 million from the Northern region. The remaining sales were contributed largely from international sales. Furthermore, it was announced that the Group has secured total bookings of RM470 million as of 30 June 2023
From an operational standpoint, the Group’s performance saw higher gross profit of RM577.9 million for the first half 2023, a 19% increase year-on-year (RM311.3 million gross profit in the current quarter, a 13% increase from Q2 2022). This positive trajectory it said can be attributed to enhanced operational efficiency and the continuing recovery of the Malaysian property market, which, in turn, has propelled the revenue year-to-date to RM1.91 billion (RM942.7 million in the current quarter). With 44 ongoing projects and unbilled sales amounting to RM6.82 billion as of 30 June 2023, the Group’s earnings visibility in the short to mid-term is robust. Despite the global challenges posed by persistent inflation
Looking ahead, the group is preparing to launch its first-ever industrial development offering in the Klang Valley, known as Setia Alaman.
