Share
- S P Setia surpassed its sales target for the financial year ended Dec 31, 2024, achieving RM5.02 billion in sales against a target of RM4.4 billion.
KUALA LUMPUR (Feb 28): S P Setia Bhd has reported profit before tax (PBT) RM1.12 billion, its highest in five years amidst a competitive market, and a net profit after tax of RM631 million for FY2024.
The company has also doubled its dividend to shareholders “signifying a commitment to delivering value and confidence in its prospects”, S P Setia stated in a media release.
S P Setia surpassed its sales target for the financial year ended Dec 31, 2024, achieving RM5.02 billion in sales against a target of RM4.4 billion. Revenue recorded was RM5.29 billion in FY2024, a 21% increase from last year. Additionally, S P Setia has reduced its borrowings by RM1.6 billion, resulting in a lower net gearing ratio of 0.35x from 0.49x for the period in review.
Local projects contributed RM4.24 billion, accounting for approximately 84% of total sales, while international projects added RM785 million.
The group has a robust sales pipeline supported by 42 ongoing projects. S P Setia also has a remaining landbank of 5,451 acres and an effective remaining GDV of RM128.59 billion.
In the Central region, “S P Setia is leveraging the unique geographical advantage of its two cross-development segments located just 4 km apart: the maturing integrated residential township Bandar Setia Alam and Setia Alaman Industrial Park”.
In the Southern region, “S P Setia continues to drive profitability growth from the strong residential and commercial properties demand in Johor while keeping the momentum on the group’s industrial expansion plans”.
Up North, S P Setia’s flagship Northern township – Setia Fontaines in Bertam, Penang is actively expanding the group’s industrial footprint by the proposed rezoning at least 300 acres for industrial development.
Given its proximity to the Kulim Hi-tech Park, this move aligns with the increasing demand for industrial land in the Northern region of Peninsular Malaysia, which is expected to bring in positive spillover effects in the neighbouring residential and commercial developments.
S P Setia's international ventures in Vietnam and Australia are on a growth trajectory, and both markets are expected to contribute to overall group performance. Atlas Melbourne, which was recently launched in Q4FY2024, achieved an encouraging take-up rate.
“The group is ready to surge forward with RM4.8 billion sales target for 2025,” stated S P Setia.
"Our performance in FY2024 showcases S P Setia's resilience, strategic foresight, and operational excellence. The doubling of our dividend is a testament to our strong financial standing and commitment to maximising shareholder value. We are excited about the future and the growth opportunities that lie ahead," said president & CEO of S P Setia, Datuk Choong Kai Wai.
“With the core townships, new industrial developments, regional contributions and formation of REIT, S P Setia is set to deliver sustainable value, profit growth and value to shareholders, and operational excellence across all its endeavours,” he added.
EdgeProp.my is currently on the lookout for writers and contributors to join our team expansion. Please feel free to send your CV to [email protected].
Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!
