Sime Darby Property’s 1Q net profit up 17% to RM60.67 mil

• In a bourse filing on Thursday (May 25), the developer said revenue for the quarter rose 43% to RM685.33 million, from RM480.33 million.
• Earnings per share edged up to 0.90 sen, from 0.80 sen.

KUALA LUMPUR (May 25): Sime Darby Property Bhd’s net profit for the first quarter ended March 31, 2023 (1QFY2023) rose 17% to RM60.67 million from RM51.84 million previously, mainly contributed by its property development segment.

In a bourse filing on Thursday (May 25), the developer said revenue for the quarter rose 43% to RM685.33 million, from RM480.33 million.

Earnings per share edged up to 0.90 sen, from 0.80 sen.

Sime Darby Property did not declare any dividend for the quarter.

In a separate statement, Sime Darby Property group managing director Datuk Azmir Merican (pictured) said the group's strategies and plans are yielding significant results, especially given the ability to meet the evolving needs of its homeowners and investors.

“Our ability to respond to market conditions and proactively seize opportunities has enabled us to post a solid performance for the quarter, through a well-executed plan.

“It is also a testament to our strategy to expand the industrial segment, in line with our plan to diversify the product mix of our Engine 1 core business,” he said.

On its outlook, Azmir said the developer is bullish about 2023, particularly given the diversified launch pipeline of RM3 billion in gross development value that includes residential high-rise and landed properties, as well as industrial properties.

“The group is delivering more than 4,000 units of vacant possession in 2023, as a result of our robust performance in recent years.

“We will therefore focus our efforts on product delivery, project execution and management, and prudent cost control.

“We are confident in our ability to achieve our operational and financial goals for the year,” he said.

At  midday break on Thursday, Sime Darby Property rose 3.37% or 1.5 sen to 46 sen, with 496,400 shares traded.