S P Setia’s Q2 Profit After Tax (PAT) Recorded RM295 million due to Higher Land Sales

Source: The Edge Malaysia

Summary from S P Setia’s Q2 Result
1. The group’s PAT has jumped to RM404 million in YTD Q2 2024 due to the land deals in Johor and Klang Valley, and the disposal of 50% stake equity in the Taman Ikan Emas, Cheras partnership redevelopment project.

2. The robust industrial segment’s performance in the Central region and favourable demand conditions in the Southern region contributed to the group’s sales with RM2.30 billion value.

3. The group has successfully reduced its gearing ratio to 0.41x (in Q2 2024) compared to 0.49x (in Q4 2023), or a decline of RM700 million debt from RM10.1 billion to RM9.4 billion within the same period. 

4. The group has reduced RM244 million of stocks in this particular quarter compared to Q4 2023, or a reduction of 15%.

However, the share price of SPSETIA has dropped to the lowest price of RM1.33, with an opening price of RM1.54. As of 11.02 A.M., the price stops at RM1.37. What do you think is the prospect of SPSETIA? Is it a good time to enter or profit taking?

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By: Jshen Ng