Sime Darby Property Berhad delivered record results for the first six months ended 30 June 2024 marking its strongest half-year performance since the 2017 demerger. The Group registered a 59% increase in revenue to RM2.2 billion, while operating profit, profit before tax ("PBT"), and profit after tax and minority interest ("PATAMI") more than doubled year-on-year ("YoY") to RM532.2 million, RM446.3 million, and RM285.5 million.

For the quarter, the group achiveved revennue of RM1.2 billion which was substantially higher than the same quarter in the precedingn year, PAT more than doubled to RM161 million compared to RM71 million in Q2FY23.

The Group's financial performance was primarily attributed to the sustained sales momentum across a diversified product mix and improved site progress within the Property Development segment. The Group achieved its highest half-year sales performance, reaching RM2.1 billion for H1 FY2024, marking a 40% increase from RM1.5 billion in the same period last year. In Q2 FY2024 alone, revenue improved by 75% YoY to RM1.2 billion, while PBT grew by 132% to RM265.6 million.

Sime Darby Property's Group Managing Director, Dato' Seri Azmir Merican, said, "Our first half results have been exceptional, demonstrating our capacity to strategically align with market demands and enhance our operational efficiencies. The notable contributions from our industrial, residential high-rise and residential landed segments have been instrumental in reaching 60% of our RM3.5 billion sales target, underscoring the effectiveness of diversifying our product mix."

The Property Development segment demonstrated impressive growth with revenue rising to RM2.1 billion, a 62% increase from the same period last year. This significant increment was primarily driven by heightened sales activity and on-site development progress from major townships such as Bandar Bukit Raja, Serenia City, City of Elmina, KLGCC Resort, and Ara Damansara township, coupled with contribution from non-core land monetisation in Selangor leading to an overall increase of 133% YoY PBT to RM476 million.

Sime Darby Property declared its first dividend of 1.5 sen per share for the financial year ending 31 December 2024 amounting to a payout of RM102 million.