S P Setia sustains through its foreign offerings.
Viknesh Ashley Clarence
SETIA ALAM: S P Setia Bhd held its 42nd Annual General Meeting (AGM) at the Setia Convention Centre today.
At the event, company representatives shared highlights that would provide a better picture of its top management, future plans, and revenue goals as well as strategies.
Addressing key issues was S P Setia Bhd president and chief executive officer Datuk Khor Chap Jen.
S P Setia achieved a remarkable profit before taxation (PBT) of RM1.18bil, a record PBT achievement for the group for a 12-month financial period on the back of revenue totaling RM4.96bil for its financial period ended 31 December 2016.
The group also achieved profit attributable to shareholders’ of RM808mil, the highest record for a 12-month period. In line with the strong financial performance, the group declared a final dividend of 16 sen per share.
In addition, S P Setia achieved RM3.82bil sales for the 12-month period ended on 31 December 2016.
Approximately 92% of the overall sales performance was derived from the local market, where central region contributed the most with RM2.64bil and the rest of the regions contributed RM859.7mil.
The remaining 8% was derived from the international projects
As for this year, the developer had launched its own secondary financing scheme for completed units as part of its sales initiatives. The objective is to increase the opportunities for purchasers to own properties in light of the current strict lending rules.
The company’s future launches include Setia Alam with GDV of RM292.0mil, Setia EcoHill with GDV of RM204.0mil, Setia EcoHill 2 with GDV of RM294.0mil, Setia Eco Park with GDV of RM147.0mil, Setia Eco Glades with GDV of RM67.0mil, Setia Eco Templer with GDV of RM73.0mil, Setia Sky Seputeh (Tower B) with GDV of RM478.0mil and KL Eco City with GDV of RM615.0mil.
Additionally, the company plans to work on Setia Seraya Residences with GDV of RM278.0mil, Setia Tropika in Johor with GDV of RM123.0mil, Setia Business Park II in Johor with GDV of RM74.0mil and Aeropod in Sabah with GDV of RM177.0mil.
Khor explained, that 20% of the company’s revenue would stem from its developments launched overseas which include those located in London, Singapore and in Australia
In Australia the group plans to launch two new offerings. One located in the Melbourne CBD, along Exhibition Street in Melbourne, with a GDV of AUD478mil and another in Prahran, with a GDV of AUD38mil.
The group had on 14th April 2017 entered into a non-binding Memorandum of Intent (“MOI”) with Permodalan Nasional Bhd (“PNB”) and Amanahraya Trustees Bhd (as trustee for Amanah Saham Bumiputera) to commence negotiations on the proposed acquisition by the Group of the entire equity interest of I&P Group Sdn Bhd (“I&P Group”), which has 4,263 acres of remaining land banks and a Net Asset Value of RM3.16bil as at 31st December 2016.
Khor affirmed, “AUD478.0 million.We remain resilient with our diversified range of new launches, cutting across a myriad of product types to cater to the various demands and needs of property buyers worth RM5.4bil in strategic locations to meet the sales target of RM4bil in this current financial year.”
S P Setia’s prospects going forward remain positive, with total unbilled sales of RM7.84bil, anchored by 30 ongoing projects and strong land banks of 5,141 acres with a GDV of RM75.72bil as at 31st March 2017.
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Generating income from abroad.
Posted on May 18, 2017