Sime Darby Property Berhad registered revenue of RM2.4 billion for the nine months ended 30 September 2023, marking a 35.8% increase year-on-year. The Group recorded a profit before tax (“PBT”) of RM440.7 million and profit after tax and minority interest of RM276.7 million, reflecting a 36.4% and 30.1% increase respectively.
The Group also achieved RM2.5 billion sales in the period under review and is on track to surpass its FY2023 sales target of RM2.7 billion. Sime Darby Property’s Group Managing Director, Dato’ Azmir Merican stated, “Our sales momentum thus far is indicative of our diverse product offerings with the right pricing at the right locations. The consistent success of our residential landed, residential high-rise and industrial products highlights the market’s positive response to our strategic direction and product developments.”
The Group’s impressive revenue for Q3 FY2023 outperformed the preceding quarter by 52.4% at RM1.0 billion, with PBT doubling to RM228.5 million from RM114.3 million. The strong quarter performance is driven by the Property Development segment which saw a significant improvement with 56.7% increase in revenue to hit RM1.0 billion, driven by higher sales from residential and industrial products and increased on-site progress development.
The segment’s resilient performance was largely due to improved site progress and encouraging sales achieved; further supported by opening unbilled sales of RM3.6 billion as compared to RM2.4 billion last year. Concurrently, PBT reflected a 55.0% increment, translating to RM424.6million reflecting the increase in on-site development activities in Bandar Bukit Raja, Nilai Impian, Serenia City, City of Elmina, Hamilton Nilai City and Elmina Business Park townships.
