KUALA LUMPUR: Sime Darby Property Bhd posted a net profit of RM495.57 million for the first nine months ended September 2019 and has also achieved its full-year sales target even before 2019 ends.
The company said the growth was more than four times higher than RM109.03 million in the same period last year, mainly driven by higher property sales and one-off gains.
The property developer gained from the disposal of properties in Singapore amounting to RM208.8 million, and the disposal of non-strategic land of RM108.1 million.
Revenue for the period under review increased 38.2 percent to RM2.29 billion compared with RM1.66 billion in the same period a year ago.
Sime Darby Property registered sales of RM2.3 billion for the nine months, which was its target for the full-year.
As at 30 September 2019, its total unbilled sales stood at RM1.6 billion.
"Despite the soft market, our series of marketing campaigns have been very well received,” said acting group chief executive officer Datuk Wan Hashimi Albakri W.A.A Jaffri.
On the outlook for the year, Sime Darby Property expects its results for the financial year ending December 2019 to be satisfactory, barring unforeseen circumstances.
Wan Hashimi said the company was committed to growing the core business segments and reducing inventories.
"We remain focused on affordable properties priced below RM500,000 and mid-range products priced between RM500,000 to RM800,000 per unit where demand is still firm,” he addded.
Wan Hashimi said Sime Darby Property was also on track to expand into the growing industrial and logistics development market, focusing on build-to-suit and lease assets as well as managed industrial parks in City of Elmina and Bandar Bukit Raja.