S P Setia Bhd president and chief executive officer Datuk Choong Kai Wai
KUALA LUMPUR: S P Setia Bhd has surpassed its sales target for the financial year ended Dec 31, 2024 (FY24), recording RM5.02bil in sales against a target of RM4.4bil, despite a challenging economic environment.
In a statement, the developer reported that local projects contributed RM4.24bil, making up approximately 84% of total sales, while international projects added RM785mil.
S P Setia has a robust sales pipeline supported by 42 ongoing projects. Additionally, the group boasts a remaining land bank of 5,451 acres and an effective remaining gross development value (GDV) of RM128.59bil.
“The group is ready to surge forward with RM4.8bil sales target for 2025,” S P Setia said.
In the fourth quarter ended Dec 31, 2024 (4Q24), S P Setia posted a net profit of RM103.5mil, or earnings per share of 2.09 sen compared with RM148.2mil, or 3.53 sen, in the year-ago quarter.
Its revenue for the quarter dipped to RM1.06bil from RM1.38bil previously.
For FY24, S P Setia’s net profit nearly doubled to RM575.9mil from RM298.6mil, while revenue rose to RM5.29bil from RM4.37bil a year earlier.
It has declared a single-tier dividend of 2.88 sen per share for FY24, with the payment date to be determined.
The group has also reduced its borrowings by RM1.6bil, resulting in a lower net gearing ratio of 0.35 times from 0.49 times for the period in review, underscoring its effective execution of debt reduction strategies.
“Our performance in FY24 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," President & CEO Datuk Choong Kai Wai said.
“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.
