SP Setia Q3 net profit rises to RM108.92 million

Last update: 13/11/2019

KUALA LUMPUR, Nov 13 -- SP Setia Bhd’s net profit for the third quarter ended Sept 30, 2019 rose to RM108.92 million from RM65.18 million in the same quarter last year.

However, revenue decreased to RM932.06 million from RM993.00 million in the previous corresponding quarter, mainly attributable to completion and handing over of the Australian project Maison Carnegie last year as revenue and profits were recognised on the basis of stage of completion.

“For the nine months ended Sept 30, 2019, the group secured sales of RM3.07 billion.

“Local projects contributed RM2.6 billion, which represented approximately 85 per cent of the total sales while international projects contributed RM467.0 million or approximately 15 per cent of the total sales,” it said in a filing with Bursa  Malaysia today.

In Malaysia, sales secured were largely from the central region with RM1.75 billion, while the southern and northern regions combined contributed RM854 million.

Of the RM2.6 billion sales achieved locally, RM1.17 billion was derived from the Home Ownership Campaign (HOC).

As for the international projects, UNO Melbourne in Australia, Daintree Residence in Singapore and Eco Xuan in Vietnam contributed RM435 million in sales. 

Given the versatility of the planned launches, the encouraging response to the HOC and initiatives introduced to promote home ownership, the group remains positive and will work towards achieving the sales target of RM4.55 billion.

Anchored by 46 ongoing projects with 3,635.69 hectares of effective land bank remaining and potential gross development value of RM143.82 billion, prospects going forward remain positive with total unbilled sales of RM10.52 billion as at Sept 30, 2019.