Sime Darby Property records robust net profit, sales in 2Q

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KUALA LUMPUR: Sime Darby Property Bhd delivered robust figures in the first six months of its financial year with significantly higher year-on-year net profit and strong sales figures.

Announcing the group's result for the period ended June 30, 2022, group managing director Datuk Azmir Merican said it was on track to exceeding its FY22 sales target after achieving RM1.9bil or about 73% of its full-year target.

Unbilled sales increased to RM3.4bil, compared with RM1.8bil in the same period last year, ensuring earnings visibility for the next two years.

The group's net profit for the second quarter was RM105mil, which brought the six-months result to RM156.56mil, a 75.29% increase over the same period in 2021.

Earnings per share was 1.5 sen for the quarter and 2.3 sen for the six months period.

Revenue meanwhile was RM615.61mil in the quarter under view, bringing 1HFY22 revenue to RM1.1bil, on a par with revenue in the same period last year.

Azmir attributed the result to the steady product launches throughout the pandemic period, which registered commendable take-up rates.

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“The group will continue to exercise rigorous financial discipline across our operations, working closely with our reliable pool of vendors to manage the current challenges in the operating environment.

"We were resilient in addressing these operational issues, leading to our strong momentum in the first half of the year and we aim to sustain this positive trajectory for the remainder of the year,” he said in a statement.

In light of the positive performance, the group declared an interim dividend of one sen per share amounting to RM68mil.

According to Azmir, the group's financial strength is substantiated by cash and cash equivalents of RM820mil and net gearing of 30.3% as at the first half of the year.

He added it is confident of surpassing its RM2.6bil full-year sales target with new launches worth RM2.8bil in gross development value.

"For the remainder of the year we are looking forward to many exciting new developments including the launch of the Battersea Power Station in the United Kingdom in October, and ongoing progress of our Industrial Development Fund through the joint venture with LOGOS Property, a new source of recurring income for the

Group in line with its long-term strategy,” he said.