KUALA LUMPUR: SkyWorld Development Bhd, en route to a listing on the Main Market of Bursa Malaysia Securities, today announced that it posted a net profit of RM58.21 million on revenue of RM225.95 million for the fourth quarter of financial year 2023 (4Q23).
The company attributed its revenue from the progressive revenue recognition from six on-going projects and sales of completed inventories mainly from SkyMeridien Residences.
For the cumulative period, the company registered a net profit of RM144 million and revenue of RM841.41 million.
Moving forward, the company is planning to launch new projects in Kuala Lumpur with total estimated gross development value (GDV) exceeding RM1 billion.
Skyworld said it plans to use RM100 million set aside for land acquisition to expand its presence beyond Kuala Lumpur to Selangor and outside of Malaysia.
The group is actively sourcing for suitable land in Ho Chi Minh City, Vietnam for its maiden development outside Malaysia.
To optimise the utilisation of resources, the group began constructing two built-to-rent properties, namely Sama Square and SkyBlox during FY2023, on its landbanks which are not yet ready for development located in Setapak, Kuala Lumpur.
Both Sama Square and SkyBlox are expected to commence operations in second half of FY24 and contribute positively to the group.