Sime Darby Property group managing director Datuk Seri Azmir Merican
KUALA LUMPUR: Sime Darby Property Bhd
(SDP) aims to achieve a more balanced sales contribution between its industrial and residential high-rise segments, said group managing director Datuk Seri Azmir Merican.
"The balance in these segments is where we want to be. We’ve made adjustments to ensure a more equitable distribution, which we’re pleased with. This balance between industrial land and high-rise projects is ideal for us.
"We will continue operating this way. However, we understand that the market is dynamic, and we’ll need to adapt based on anticipated market changes and evolving demand,” he told the media at an online press conference regarding the company’s third-quarter (3Q) 2024 financial results today.
In a Bursa Malaysia filing yesterday, SDP reported a total sales of RM3.2 billion for the nine months ending Sept 30, 2024 (9M 2024), representing 91 per cent of its 2024 financial year sales target and a 25 per cent increase compared to the previous corresponding period.
This milestone also marks the highest nine-month sales performance in the group’s history.
SDP’s industrial segment was the largest contributor, accounting for 32 per cent or approximately RM1.0 billion in value. The residential high-rise segment followed closely, contributing 30 per cent.
Meanwhile, Azmir expressed optimism about the company’s overall performance despite reporting a lower net profit for the third quarter of 2024 (3Q 2024).
SDP posted a 3Q net profit of RM128.25 million compared with RM144.91 million in the same period last year.
"Performance for the 3Q is never a concern for us, as we have a clear plan in place. Our plan spans the entire year, with a quarter representing just three months.
"Managing a company based on quarterly results is not an effective approach. We prefer to assess performance on an annual basis. Therefore, it’s best to look at the full-year performance,” Azmir added. - Bernama
