S P Setia Registers RM11 Million Net Profit In Q3 2021

November 25, 2021

S P Setia Registers RM11 Million Net Profit In Q3 2021

S P Setia Bhd registered a net profit of RM11 million during the third quarter ended 30 September 2021, an improvement from the net loss of RM267 million over the same period last year, amid favourable sales momentum.

Revenue, on the other hand, declined from RM1.08 billion in Q3 2020 to RM594.55 million in Q3 2021 due to significant disruption on the progress of ongoing projects due to the implementation of Movement Control Order (MCO) from 1 June.

In a local bourse filing, S P Setia revealed that it registered a total sales of RM3.38 billion as of the period to date, which represents 89% of its RM3.80 billion full-year sales target.

“Local projects contributed RM2.66 billion and the remaining RM728 million was from international projects, namely Sapphire by the Gardens and Marque Residences in Australia, as well as Daintree Residence, Singapore which were 100% sold,” it said.

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The property developer also shared that its 40%-owned project in London, the Battersea Power Station (BPS), has officially opened, while the Northern Line Extension’s underground train station commenced operations on 20 November.

“This milestone had greatly enhanced the placemaking at the development scheme and would contribute positively to the sales of properties at BPS,” said SP Setia.

Datuk Choong Kai Wai, President and CEO of S P Setia, said the group is progressing well in its digitalisation journey, facilitating its marketing and sales during the quarter.

“We will continue to make use of the digital platforms and create a more robust digital workplace to improve the effectiveness and efficiencies of the daily operation underpinned by cyber resilience,” he said.

S P Setia is positive that it will achieve its RM3.80 sales target for this financial year.

“We are confident in achieving the sales target while remaining steadfast in our de-gearing initiatives to pare down borrowings and optimising our capital structure to strengthen our platform in pursuit of sustainable growth,” said Choong.

As of 30 September, the developer has 48 ongoing projects, effective remaining land bank of 2,967.96ha with a gross development value of RM124.6 billion as well as a total unbilled sales of RM9.84 billion.

For the nine months ended 30 September 2021, S P Setia recorded a net profit of RM161 million, reversing the RM377.25 million net loss posted over the same period last year.

Revenue during the period stood at RM2.73 billion, up from RM2.11 billion last year.

 

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