KUALA LUMPUR: Sime Darby Property
is anticipating sustained momentum in the second half of the year driven by healthy demand and rising sales volume, following a record set of results in the first six months of 2024.
In the second quarter ended June 30, 2024, the property group posted a net profit of RM161.96mil, more than double the net profit of RM71.07mil in the year-ago quarter.
This translated to earnings per share of 2.4 sen, up from one sen in the comparative quarter.
The group reported revenue of RM1.2bil, nearly twice the sum of RM688.92mil in the previous corresponding quarter.
The cumulative six months net profit climbed to RM285.54mil from RM131.74mil in 1HFY23 and revenue rose to RM2.18bil from RM1.37bil in the year-ago period.
Sime Darby Property declared a first dividend of 1.5 sen per share, amounting to a payout of RM102mil, going ex on Oct 14, 2024, and payable on Nov 6, 2024.
According to the group, the improved financial performance was primarily attributed to the sustained sales momentum across a diversified product mix and improved site progress within the property development segment
The group achieved its highest half-year sales performance, reaching RM2.1bil in 1HFY24, marking a 40% increase from RM1.5bil in the same period in 2023.
"The notable contributions from our industrial, residential high-rise and residential landed segments have been instrumental in reaching 60% of our RM3.5bil sales target, underscoring the effectiveness of diversifying our product mix," said group managing director Datuk Seri Azmir Merican.
He added that plans announced in May 2024 to construct Google's hyperscale data centre aligns with the group's SHIFT25 strategy to boost recurring income.
"By focusing on agility and growth, we adapt to market challenges and ensure long-term value creation.”
