KUALA LUMPUR: Sime Darby Property Bhd (SDP) recorded a net profit of RM72.19mil for its fourth quarter (Q4) ended Dec 31, 2021 compared with a net loss of RM56.64mil in the previous corresponding period, driven by strong progress billings during the quarter upon resumption of site progress in the company’s property development segment.

       In a filing with Bursa Malaysia yesterday, SDP said it achieved RM1bil in sales in Q4, adding that revenue during the period grew to RM739.37mil from RM705.19mil a year earlier.

       For its financial year ended Dec 31, 2021, SDP reported a net profit of RM136.9mil from a net loss of RM501.57mil in the previous corresponding period, while revenue grew to RM2.22bil from RM2.06bil a year earlier.

       SDP said the property development segment marked a 7.7% year-on-year increase with a revenue of RM2.07bil, contributing 93.2% to the group’s total revenue.

       “The segment registered an improved pre-tax profit of RM255.3mil compared with 2020’s pre-tax loss of RM354.7mil.

       “Overall, the segment’s achievement is attributed to construction progress and sales of new launches and completed residential and industrial products across its major townships in the Klang Valley and Negri Sembilan.”

       For the year under review, SDP said the investment and asset management segment contributed RM94.7mil in revenue, indicating a 37.2% year-on-year increase with an improved pre-tax profit of RM27mil.

       “The growth in revenue is mainly contributed by the KL East Mall,” it said.