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S P Setia Berhad's headquarters in Setia Alam

S P Setia Bhd has recorded a revenue of RM2.2 billion for the first half of FY2019 (1H19) and a profit before tax (PBT) of RM329.7 million.

The group announced yesterday that the figures were largely contributed by on-going projects in Malaysia.

In a statement, the group said its on-going international projects of Battersea Power Station in London, United Kingdom as well as Sapphire by the Gardens and UNO in Melbourne, Australia were recognised on completion method, hence there was no profit contribution from the said international projects in the 1H19.

For 1H19, the group secured sales of RM1.98 billion, with RM1.71 billion from its local projects and RM262.6 million contributed by its international projects. Locally, the sales secured were primarily from the Central region which contributed RM1.19 billion while the Southern and Northern regions combined, contributed RM522 million. As for the international projects, UNO Melbourne in Australia and Daintree Residence in Singapore contributed RM222 million of sales.

President and CEO of S P Setia, Dato’ Khor Chap Jen said the group has prudently revised the sales target for FY2019 from RM5.65 billion to RM4.55 billion, amid an uncertain macro-economic situation and prolong subdued property market.

The group remained prudent with its project launches in the first half of FY 2019 and focused on the right products to cater for the market conditions, where approximately RM1.55 billion GDV were launched.

“The Group continues to monitor the property market closely and has revised the total planned launches to RM3.33 billion for the second half of FY2019” Khor said.

The planned launches will focus on launches in Klang Valley and Johor, with launches worth of RM2.32 billion and RM776 million, respectively. In Penang, Setia Fontaines plans to launch homes with GDV of RM164 million.

(15 August 2019)

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