Sime Darby Q1 PATAMI Doubles To RM123 Million, As Industrial Segment Delivers

Sime Darby Property Berhad registered a robust start to FY2024, achieving record-high Q1 revenue of RM978.7 million revenue which marked 42.8% increase from the RM685.3 million achieved in the same period last year. The growth was driven by higher sales volume and successful project execution, the Group recorded Operating Profit of RM196.6 million, an increase of 73.1% year-on-year from RM113.5 million and Profit Before Tax (“PBT”) of RM180.8 million, signifying 84.6% YoY
growth from RM97.9 million.

Profit after tax and minority interest (“PATAMI”) achieved an exceptional 103.7% YoY increase, doubling to RM123.6 million.
Sime Darby Property’s Group Managing Director, Dato’ Azmir Merican said, “The Group’s Q1 performance has outperformed financial and operational expectations. We are actively diversifying our products and income streams. This quarter, our industrial segment emerged as the top contributor to our overall sales performance.”

Commenting on the final close of its inaugural Industrial Development Fund (“IDF”) fundraising, Dato’ Azmir added: “We are delighted to announce the final close of the IDF at RM1.0 billion, underscoring the confidence and backing from a diverse group of institutional and foreign investors. The IDF is a Shariah-compliant real estate development fund between Sime Darby Property and LOGOS SE Asia Pte. Ltd. (“LOGOS Property”) to develop 177 acres of industrial and logistics assets in Bandar Bukit Raja.”

The group anticipates a favourable outlook in FY2024, driven by the robust industrial segment and the general improvement in the residential market. The Group is poised for further growth with the launch of two landmark projects, the highly anticipated signature residences,

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