KUALA LUMPUR, Feb 24 — Sime Darby Property Bhd’s net profit for the full year ended December 31, 2021 (FY2021) surged 127 per cent to RM136.9 million from a net loss of RM501.57 million in the same period last year.
Its revenue rose 7.6 per cent to RM2.22 billion from RM2.06 billion a year ago.
The company told Bursa Malaysia it recorded an impressive RM3 billion in sales for the year, exceeding the group’s FY2021 sales target of RM2.4 billion, a significant 50 per cent year-on-year (y-o-y) increase from the previous year.
The property group also registered its highest number of new launches with 3,594 units of property worth RM3.7 billion in gross development value (GDV), with a notable average take-up rate of 87 per cent for its FY2021 launches.
Group managing director Datuk Azmir Merican commented that the group’s successful sales and financial achievements resulted from the company’s focus on growth and cost discipline throughout FY2021.
“We were mindful of the challenges presented by the Covid-19 pandemic last year and focused on minimising disruptions to our business, allowing customers to continue engaging with our sales and customer service representatives,” he said. “We continue to adapt with market conditions to deliver value through our quality products in FY2022 and beyond.”
The company’s property development segment marked a 7.7 per cent y-o-y increase with revenue of RM2.07 billion, contributing 93.2 per cent to the group’s total revenue.
“Overall, the segment’s achievement is attributed to construction progress and sales of new launches and completed residential and industrial products across major townships in the Klang Valley and Negeri Sembilan,” it said.
The investment and asset management segment contributed RM94.7 million to revenue, mainly contributed by the KL East Mall while the leisure segment posted revenue of RM55.5 million.
Moving forward, the group will continue with strategic new launches worth RM2.8 billion in GDV planned for FY2022, among them City of Elmina, Bandar Bukit Raja, Serenia City, Bandar Ainsdale, Nilai Impian, and KL East as well as high-rise products with GDV worth RM156 million in Putra Heights. — Bernama