SP Setia records 104.4% increase in net profit in 3Q

KUALA LUMPUR: SP Setia recorded a 104.4% increase in net profit for its third quarter (3Q) financial results with RM87.3 million compared with RM42.7 million a year ago. Revenue collected in 3Q was RM414.9 million versus RM365.6 million the previous year.

“The higher property includes gain from the disposal of the Tesco Hypermarket in Setia Alam, an investment property of the Group,” it said in its filing to Bursa Malaysia on Thursday, Sept 23. Basic earnings per share for the current quarter under review was 8.58 sen compared with 4.20 sen a year ago.

The cumulative results for the current year to-date revealed a net profit of RM176.7 million compared with RM114.4 million a year ago. Revenue collected over this period is RM1.2 billion compared with RM1.01 billion the previous year.

“The Group’s profit and revenue were principally derived from its property development activities carried out in the Klang Valley, Johor Bahru and Penang,” it said. “Ongoing projects which contributed to the Group’s profit and revenue include Setia Alam and Setia Eco-Park at Shah Alam; Setia Walk at Pusat Bandar Puchong; Setia Sky Residences at Jalan Tun Razak; Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru; and Setia Pearl Island and Setia Vista in Penang.”

The Group’s other construction and wood-based manufacturing activities also contributed to the earnings achieved.