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Sime Darby Property raises FY2023 sales target to RM2.7b on higher GDV of RM4b

KUALA LUMPUR (Aug 28): Sime Darby Property Bhd has revised up its sales target of RM2.3 billion to RM2.7 billion, and its gross domestic product (GDV) launch target of RM3.0 billion to RM4.0 billion, for the financial year ending Dec 31, 2023 (FY2023).
It said this in a statement to the local bourse on Monday (Aug 28) when announcing that its net profit for the second quarter ended June 30, 2023 (2QFY2023) fell 32% year-on-year to RM71.07 million from RM104.99 million a year earlier, on the back of higher share of loss from joint ventures.
Revenue for the quarter rose to RM688.92 million, from RM615.61 million a year ago.
Earnings per share slipped to one sen, from 1.50 sen previously.
Sime Darby Property also declared an interim dividend of one sen per share amounting to a payout of RM68.0 million.
For the six months ended June 30, 2023 (1HFY2023), net profit dropped 15.69% to RM131.74 million from RM156.56 milion the year before, despite a higher revenue of RM1.37 billion versus RM1.09 billion.
In a separate statement, Sime Darby Property said it had recorded sales totalling RM1.5 billion, representing 65% of its previously lower RM2.3 billion sales target for FY2023.
It said the industrial segment was the key contributor with 40% or RM597.0 million of total sales achieved in 1HFY2023.
Sime Darby Property group managing director Datuk Azmir Merican said in the face of current market dynamics, the developer’s strategy is rooted in understanding market nuances and consumer demand.
“This has allowed us to pivot effectively and capitalise on areas of growth while maintaining consistency in our offerings.
“This balance has been crucial for our continued sales and operational growth trajectory in 1HFY2023.”
On the outlook for FY2023, Sime Darby Property said it is confident that the strong momentum seen in 1HFY2023 will continue into the second half of the year.
“Given the positive outlook, we believe that we are well positioned to capitalise on the resilient market demand, which also presents us with an opportunity to maximise our property development growth over the coming years. We are optimistic about our ability to achieve our goals for the year, and subsequently strive towards maximising shareholders’ value,” said Azmir.
At the midday break on Monday, Sime Darby Property had risen 5.43% or 3.5 sen to 68 sen, with 18.17 million shares done, giving it a market value of RM4.59 billion.
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Source: EdgeProp.my

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