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The Star
21-05-2025
- Business
- The Star
S P Setia first-quarter earnings at RM89mil
S P Setia president and chief executive officer Datuk Choong Kai Wai. PETALING JAYA: Property developer S P Setia Bhd recorded a profit before tax of RM141mil and a net profit of RM89mil for the first quarter ended March 31, 2025 (1Q25), mainly attributable to operational efficiency and effective cost management. For 1Q25, S P Setia posted a revenue of RM771mil as it continued to demonstrate financial resilience through delivering value to shareholders while also continuing to reduce borrowings by another RM156mil. This led to a net gearing ratio of 0.35 times that, on a quarter-to-quarter basis, aligned with the company's debt reduction strategies. 'Our financial performance during the quarter underscores our continued efforts, persistence and implemented strategies as we adjust to the current market needs and conditions,' S P Setia's president and chief executive officer Datuk Choong Kai Wai said in a statement. 'Despite the market volatility, we will continue to leverage our diversified portfolio while optimising our capital efficiency and expanding our presence across high-growth segments,' he said. He added that the company remains vigilant, monitoring market developments to manage potential impacts effectively. S P Setia would be rolling out RM5.1bil of property projects and RM300mil of planned industrial launches for the financial year ending Dec 31, 2025 (FY25) as the company continues to accelerate the portfolio of catalytic township developments, eco-industrial parks, strategic partnerships, land monetisation and capitalising on value creation across its key growth corridors. For overseas projects, the company's recently launched ATLAS Melbourne, with an estimated gross development value (GDV) of A$886.7mil (RM2.7bil), has shown continued momentum in contribution to overall sales, while in Vietnam, new residential launches have been scheduled within the successful developments of EcoLakes in FY25. The company also remains committed to achieving its RM4.8bil sales target for FY25 leveraging on an established reputation as one of the top-listed sustainable, master planned township developers in Malaysia. For FY24, the company recorded RM5bil against a target of RM4.4bil. For 1Q25, it has secured RM718mil in sales, with local projects contributing RM489mil or two-thirds of the total sales, and international projects contributing RM229mil. It noted that for the domestic market, RM284mil in sales was secured from the central region and RM189mil from the southern region. As of March 31, 2025, the company had an unbilled sales pipeline of RM3.8bil with 42 ongoing projects. It has a remaining landbank of 5,364 acres and an effective remaining GDV of RM120.1bil.
BusinessToday
21-05-2025
- Business
- BusinessToday
SP Setia Delivers RM89 Million In Net Profit Despite Market Volatility
SP Setia Bhd kicked off the financial year on a strong footing, announcing resilient earnings for the first quarter ended March 31, 2025 (1Q25), despite a backdrop of global market volatility. The group recorded a net profit of RM89 million, driven by operational efficiency and disciplined cost management. Revenue for the quarter stood at RM771 million, underpinned by robust sales performance and effective execution across its diversified property portfolio. Notably, the group reduced its borrowings by RM156 million, maintaining a healthy net gearing ratio of 0.35 times, aligned with its ongoing debt-reduction strategy. SP Setia secured RM718 million in sales for 1Q25, with local projects contributing RM489 million (68%) and international projects adding RM229 million (32%). Regionally, the Central region led domestic sales with RM284 million, followed by the Southern region at RM189 million. 'Our financial performance this quarter underscores the effectiveness of our strategies and adaptability to changing market dynamics. 'We continue to prioritise capital efficiency and expansion in high-growth segments, while navigating market fluctuations with prudence,' SP Setia President and Chief Executive Officer Datuk Choong Kai Wai said. Looking ahead, Choong said SP Setia plans to launch RM5.1 billion in property developments and RM300 million in industrial projects in FY25. 'Domestically, the group will continue accelerating catalytic township developments, eco-industrial parks and exploring land monetisation and strategic partnerships to unlock further value. 'Internationally, the group is gaining traction with the launch of ATLAS Melbourne, a high-impact development with an estimated gross development value (GDV) of A$886.7 million. In Vietnam, new residential phases within its successful EcoLakes development are scheduled for launch in FY25,' Choong added. As of March 31, 2025, SP Setia's unbilled sales stood at RM3.8 billion, supported by 42 ongoing projects, a remaining land bank of 5,364 acres, and an effective remaining GDV of RM120.1 billion. Related
The Star
21-05-2025
- Business
- The Star
S P Setia remains resilient in 1Q25, aims for RM4.8bil in FY25 sales
S P Setia president and chief executive officer Datuk Choong Kai Wai PETALING JAYA: Property developer S P Setia Bhd recorded a profit before tax of RM141mil and a net profit after tax of RM89mil for the first quarter ended March 31, 2025 (1Q25), mainly attributable to operational efficiency and effective cost management. For 1Q25, S P Setia posted revenue of RM771mil as it continued to demonstrate financial resilience through delivering value to shareholders while also continuing to reduce borrowings by another RM156mil leading to a net gearing ratio of 0.35 times that, on a quarter-to-quarter basis, aligns with the company's debt reduction strategies. 'Our financial performance during the quarter underscores our continued efforts, persistence and implemented strategies, as we adjust to the current market needs and conditions,' S P Setia's president and chief executive officer Datuk Choong Kai Wai said in a statement. 'Despite the market volatility, we will continue to leverage on our diversified portfolio, while optimising our capital efficiency, and expanding our presence across high-growth segments,' he said, adding that the company remains vigilant amidst the fluctuation of market challenges and would continue to monitor the developments, assess potential impacts on its operations and evaluate appropriate strategies to mitigate any adverse effects. S P Setia would be rolling out RM5.1bil of property projects and RM300mil of planned industrial launches for the financial year ending December 31, 2025 (FY25) as the company continues to accelerate the portfolio of catalytic township developments, eco-industrial parks, strategic partnerships, land monetisation, and capitalising on value creation across its key growth corridors. For overseas projects, the company's recently launched ATLAS Melbourne, with an estimated gross development value (GDV) of A$886.7mil (RM2.7bil), has shown continued momentum in contribution to overall sales while in Vietnam, new residential launches have been scheduled within the successful developments of EcoLakes in FY25. The company also remains committed to achieving its RM4.8bil sales target for FY25 leveraging on an established reputation as one of the top-listed sustainable, master planned township developers in Malaysia. For FY24, the company recorded RM5bil against a target of RM4.4bil. For 1Q25, it has secured RM718mil in sales with local projects contributing RM489mil or two-thirds of the total sales and international projects contributing RM229mil. It noted that for the domestic market, RM284mil in sales was secured from the central region and RM189mil from the southern region. As of March 31, 2025, the company has an unbilled sales pipeline of RM3.8bil with 42 ongoing projects. It has a remaining landbank of 5,364 acres, and an effective remaining GDV of RM120.1bil.
