KUALA LUMPUR, May 23 — Sime Darby Property Bhd’s shares on Bursa Malaysia jumped by seven sen to RM1.15, with 25.53 million shares traded at noon on Thursday, following its announcement of doubled net profit for the first quarter ended March 31, 2024 (1Q 2024).

The property company reported a net profit of RM123.58 million in 1Q 2024, up from RM60.67 million in the same quarter a year ago.

Revenue also increased by 42.8 per cent to RM978.69 million from RM685.33 million previously, with all segments contributing to the growth.

RHB Investment Bank Bhd said the company is likely to exceed its RM3 billion sales target by year-end, as current bookings have already reached RM2.4 billion.

"We like its strategic exposure to the industrial segment and strong earnings should continue to drive the re-rating of the stock,” it said in a note today.

The research firm has upheld its ‘Buy’ recommendation, raising its 2024 and 2025 forecasts by 13 to 15 per cent, and setting a new target price of RM1.42, up from RM1.05. — Bernama