Sime Darby Property Berhad has delivered a strong nine-month performance, reporting a 35% increase in revenue to RM3.3 billion, while operating profit grew 51% to RM729.5 million. Profit before tax increased by 45% to RM636.8 million, and profit after tax and minority interest grew by 50% to RM413.8 million.
For the current quarter, profit after tax decreased to RM128 million compared to RM144 million registered in Q3FY23, revenue was higher at RM1.09 billion as compared to RM1.04 billion the preceding year's quarter.
The group said its 9M financial performance was driven by strong sales momentum across a diverse product mix, increased site progress within the Property Development segment, and growing revenue contribution from the Investment & Asset Management and Leisure segments.
Sales for the period rose to RM3.2 billion, representing a 25% increase year-on-year ("YoY"), achieving 91% of the FY2024 sales target of RM3.5 billion. This milestone also marks the highest nine-month sales performance in the Group's history. Sime Darby Property's Group Managing Director, Dato' Seri Azmir Merican, said, "Our robust 9M FY2024 results demonstrate growth driven in large part by the Property Development segment. The strategic diversity of our product mix, combined with strong contributions from our key townships and maintaining a healthy gross profit ("GP") margin of 33% has been critical to this performance."
9M FY2024 vs 9M FY2023
The PD segment achieved its highest nine-month revenue, surpassing RM3 billion for the first time and reaching RM3.1 billion, a 36% increase YoY from RM2.3 billion. The segment's PBT increased by 64% to RM695.4 million, primarily driven by strong sales and financial progress across major townships such as Bandar Bukit Raja, Serenia City, Kuala Lumpur Golf & Country Club ("KLGCC") Resort, Nilai Impian, and Elmina Business Park. Additionally, non-core land monetisation activities further strengthened the segment's performance for the financial period.
The IAM segment posted a strong 22% YoY increase in revenue, reaching RM95.8 million. The retail sub-segment registered positive growth, with KL East Mall notably achieving an increase in occupancy rates to 98.1% in 9M FY2024, up from 89.2% in 9M FY2023.
Additionally, SDP said the newly opened Elmina Lakeside Mall also began contributing to revenue, enhancing the segment's prospects. While the segment's improvements are evident, it continues to face challenges, with a net fair value loss on investment properties and a higher share of losses from joint ventures.
