S P Setia Bhd Q2 net profit 6 times higher at RM295 million

S P Setia Bhd Q2 net profit 6 times higher at RM295 million

I have written before that when we want to know if the property market is doing well or not, we do not ask our friends who does not invest into properties yeah. Their answer is of course a negative one. We also do not ask friends who are working in a property developer and they are in sales and marketing, of course their answer is always positive. Else, they could not attract you to buy a unit.

However, when it comes to the financial results of property developers, no one could run away from showing the facts and figures. If it’s a good year, then of course the numbers will be positive and during bad years when they have so many unsold units, of course the numbers will all be in the red. This is why if we like to look at the market, then we look at the results, especially for the public listed ones.

Article in nst.com.my. SP Setia Bhd’s net profit jumped more than six fold to RM295.03 million in the second quarter (Q2) ended June 30, 2024 from RM43.06 a year ago due to higher land sales.

Revenue jumped to RM1.49 billion from RM942.71 million contributed mainly by the property development segment.

SP Setia said domestic and international under-construction and completed projects also contributed to the positive results. 

“Revenue from other operations mainly consists of manufacturing and investment properties such as office towers, retail malls, convention centres and hotels,” it said in a statement. Please read the Article in nst.com.my

S P Setia is just one of the many choices in the market

S P Setia is looking to start their own Real Estate Investment Trust (REIT). This was the earlier report:

SP Setia’s RM1.5 billion REIT is on the way?

Here are all the BURSA Malaysia property listed counters:

malaysiastock.biz

Here are the property counters which has higher turnover than RM1 billion. They are as follows: MRCB, MPHB Capital Matrix Concepts Holdings Berhad Mah Sing Group Berhad. LBS Bina Group Berhad Lagenda Properties Berhad KSL Holdings Berhad Sime Darby Property Berhad Radium Development Berhad UOA Development Berhad UEM Sunrise Berhad Tropicana Corporation Berhad. Taco Holdings Berhad S P Set Berhad OSK Holdings Berhad IOI Properties Group Berhad HCK Capital Group Berhad Eco World Development Berhad Eastern and Oriental Berhad Crescendo Corporation Berhad

Happy deciding.

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