S P Setia’s profits surge, stays on track to reduce debt
S P Setia Bhd (Setia) reported growth across its wide-ranging portfolio across domestic and international markets driven by demand for its products despite the challenging global business environment, as well as implementation of effective business strategies across its diverse portfolios, locally and internationally.
“Our first-quarter results is a testament to the robustness of our business model and the success of our strategic market expansions. We’ve seen growth across the board, and while we’re looking ahead with positivity, we’re conscious of the need to maintain a steady hand on the tiller,“shared S P Setia Bhd president and CEO Datuk Choong Kai Wai.
Sales have remained strong, with a total of RM1.42 billion sales achieved in the quarter mainly contributed by the Southern and Central region in Malaysia.
“Project completions, notably within Australia, have been particularly successful and point to the wisdom of our diversified approach,“Choong remarked.
With new projects launched during the quarter with a combined GDV of RM146.2 million and favourable market uptake, Setia’s projections for continued upward momentum look secure. The group’s strong unbilled sales and 41 active projects spread across its strategically positioned landbanks underpin its measured approach in balancing capital allocation decisions and growth expansion plans.
The group has demonstrated a 56% uptick in profit before tax to RM181.2 million in Q1’24, highlighting the consistent efficiency in its wide-ranging operations, particularly in managing landbanks and commercial assets including office spaces and retail complexes.