KUALA LUMPUR, May 23 — SP Setia Bhd posted a lower net profit of RM67.50 million in the first quarter (Q1) ended March 31, 2022 compared with RM75.23 million in the same period a year ago.
In a filing with Bursa Malaysia today, it said revenue declined to RM867.10 million from RM1.05 billion previously, mainly due to lower revenue contribution from both Malaysia and Singapore.
Over the same period, the group secured sales of RM679.0 million, with local projects contributing RM625.0 million or 92 per cent of the total sales, whilst the remaining RM54.0 million or eight per cent were contributed by international projects.
Besides focusing on clearing completed inventories, the group will remain prudent with selected new launches concentrating on the mid-range landed units in established townships to cater to the demand of owner-occupiers.
The group is currently anchored by 47 ongoing projects and an effective remaining landbank of 2,857 hectares with a gross development value (GDV) of RM121.54 billion.
Unbilled sales, which stand at RM9.84 billion, will also provide earnings visibility in the short to mid-term. — Bernama
