PETALING JAYA: S P Setia Bhd achieved a record year in terms of sales of RM4.26bil in its financial year ended Dec 31, 2021 (FY21), outperforming its target of RM3.80bil.
With this, the group said it is the top property developer in the country in terms of sales.
“The solid sales achievement translated into revenue of RM3.76bil, which is a year-on-year (y-o-y) growth of 17%, and a commendable pre-Covid-19 level pre-tax profit of RM542.5mil,” it said in a statement.
Its fourth quarter ended Dec 31, 2021 saw the group more than doubling its y-o-y net profit to RM123.3mil on revenue of RM1.03bil.
In conjunction with its results, the group declared a final dividend of 0.65 sen per share as well as preferential dividends of 6.49% and 5.93% per annum, respectively, for its Islamic Redeemable Convertible Preference Shares A and B for the financial period.
“Despite the challenging landscape, we are heartened by the encouraging response from the market towards our products and counter-strategies,” said president and chief executive officer Datuk Choong Kai Wai.
He said the property group will continue to leverage on its digital platforms to reach out to more customers.
Moving into FY22, the group said it anticipates a gradual recovery to the Malaysian economy, underpinned by the continued increase in global demand and higher private sector expenditure.
It noted that the improvement in overall income, employment conditions and consumer sentiment is expected to lift household spending and this is anticipated to help spur the property sector.
During the October-December quarter, the group launched more landed properties with a total gross development value of RM729mil, based on the continuous demand that was observed.
“In view of the positive sentiment, we have set our FY22 sales target at RM4bil and intend to launch RM4bil worth of new products.
“We will focus primarily on landed residential projects in Setia Alam, Setia Eco Glades, Setia Safiro, Setia Alam Impian, Bandar Kinrara, Setia Bayuemas, Setia Ecohill & Ecohill 2, Setia Eco Park and Setia Warisan Tropika in the central region; Setia Indah, Taman Rinting and Taman Pelangi Indah in the southern region; and Setia Fontaines in the northern region,” Choong said.