KUALA LUMPUR: Sime Darby Property Bhd has returned to the black, posting a net profit of RM72.19mil in the fourth quarter ended Dec 31, 2021 (4Q21) against a net loss of RM56.6mil a year ago.
Its revenue rose 4.8% to RM739.37mil in 4Q21 from RM705.19mil a year prior.
Sime Darby Property said it recorded a RM3bil sales for the financial year ended Dec 31, 2021 (FY21), exceeding its target of RM2.4bil.
The group noted its highest number of new launches with 3,594 units of property worth RM3.7bil in gross development value (GDV), and notable average take-up rate of 87% for its FY21 launches.
The strong sales achievements in FY2021 underpinned the group’s financial results improvements against the previous year, with a 7.6% revenue increase to RM2.2bil, profit before tax (PBT) soaring 156.5% to RM268.3mil, and profit after tax and minority interest (PATAMI) increasing by 127.3% at RM136.9mil.
Group managing director Datuk Azmir Merican said that the group’s successful sales and financial achievements resulted from the company’s focus on growth and cost discipline throughout FY21.
“We were mindful of the challenges presented by the Covid-19 pandemic last year and focused on minimising disruptions to our business, allowing customers to continue engaging with our sales and customer service representatives.
“A fully redesigned homebuying experience complemented our strategic launches across the group’s master planned townships, bringing homes, lifestyle and commerce together.
“We thank our customers and all stakeholders as we look ahead and continue to adapt with market conditions to deliver value through our quality products in FY22 and beyond,” Azmir said in a statement.
On its outlook, Sime Darby Property will continue the positive momentum from last year with strategic new launches worth RM2.8bil in GDV planned for FY22.
In 1Q22, the group will launch new residential landed products with a GDV worth RM571mil in the City of Elmina, Bandar Bukit Raja, Serenia City, Bandar Ainsdale, Nilai Impian and KL East; and high-rise products with a GDV worth RM156mil in Putra Heights.
“Our strategic initiatives implemented since last year will catalyse our growth into a real estate company. Through our investment and asset management segment, we have introduced the industrial development fund in partnership with LOGOS Property, targeted to make its maiden contribution in the second half of FY22, as well as focus on expanding our retail and placemaking components in our flagship townships.
“We are optimistic of the growth opportunities in this sector that will broaden Sime Darby Property’s recurring income streams for the long term, “ Azmir said.