S P Setia Bhd released its financial year 2023 results with revenue closing at RM4.37 billion which was slightly lower than its FY22 number of RM4.45 billion, subsequently the group’s net profit was also lower at RM298 million compared to RM304 million recorded in FY22.
For the fourth quarter, revenue dipped to RM1.38 billion compared to Q4FY22 when the group delivered revenue of RM1.7 billion, however net profit was better at RM148 million as oppose to RM86 million it managed to record in the previous preceding quarter
In FY2023, the Group recorded total sales of RM5.10 billion – outperforming its RM4.2 billion target – The Central region proved crucial for the Group, contributing RM3.30 billion in sales, followed by the Southern region of RM860 million. Additionally, the Northern and Eastern regions made valuable contributions totalling RM247.0 million.
The Group further reduced its borrowings by RM1.30 billion, bringing down the net gearing ratio to 0.49x from 0.57x in FY2022, enabling better capital optimisation and deployment across the development pipelines for future growth.
For the financial year ended 31 December 2023, the Board of Directors of the company has declared dividend of 1.34 sen per share.
