S P Setia records 1QFY2025 profit before tax of RM141 mil, continues to reduce its borrowings by another RM156 mil

• Remains committed to achieving its RM4.8 billion sales target this year, leveraging on its established reputation as one of the top listed sustainable, master planned township developers in Malaysia.

KUALA LUMPUR (May 21): S P Setia Bhd today announced its financial results for 1QFY2025, with revenue standing at RM771 million for the period being reviewed.

For the first quarter ended March 31, 2025, S P Setia has recorded a profit before tax of RM141 million and a net profit after tax of RM89 million “attributed mainly by its operational efficiency and effective cost management”, the company stated in a media release.

In the same review period, S P Setia has continued to reduce its borrowings by another RM156 million, with a net gearing ratio of 0.35x, which is consistent quarter-on-quarter, and aligned with the group’s debt reduction strategies.

S P Setia also secured sales of RM718 million for 1QFY2025. Local projects contributed RM489 million or approximately 68% of sales while the international projects contributed RM229 million or approximately 32% of sales. The sales secured were largely from Central region with RM284 million whereas Southern region contributed RM189 million.

“On the international front, the recently launched ATLAS Melbourne, which has an estimated GDV of A$886.7 million (RM2.7 billion), has shown continued momentum in its contribution to the Group’s overall sales.

“In Vietnam, the group is scheduled to unveil new residential launches within the successful developments of EcoLakes in FY2025,” stated S P Setia.

As of March 31, 2025, the group has unbilled sales pipeline of RM3.8 billion, 42 ongoing projects with a remaining land bank of 5,364 acres, and an effective remaining GDV of RM120.1 billion.

“The group remains vigilant amidst the fluctuation of market challenges and will continue to monitor the developments, assess potential impacts on its operations and evaluate appropriate strategies to mitigate any adverse effects,” added the company.

“Our financial performance during the quarter underscores our continued efforts, persistence and implemented strategies, as we adjust to the current market needs and conditions,” said president & CEO Datuk Choong Kai Wai. (pictured)

“Despite the market volatility, we will continue to leverage on our diversified portfolio, while optimising our capital efficiency, and expanding our presence across high-growth segments,” he added.

The group is scheduled to roll out RM5.1 billion of property development and RM300 million industrial planned launches in FY2025.

“Setia will continue to accelerate its catalytic township developments, eco-industrial parks, strategic partnerships, land monetization, and capitalising on value creation across its key growth corridors.

“Moving forward, Setia remains committed to achieving its RM4.8 billion sales target this year,” said the company.

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