KUALA LUMPUR: Sime Darby Property Bhd (SD Property) saw its net profit rise substantially from RM60.7 million to RM123.6 million for the first quarter ended March 31, 2024 (1QFY24).
The company's revenue reached RM978.7 million, up from RM685.3 million, marking a 42.8 per cent increase and setting a record high for first-quarter revenue since the 2017 demerger.
SD Property saw a year-on-year increase in its operating profit of 73.1 per cent, rising from RM113.5 million to RM196.6 million, thanks to higher sales volume and project execution.
"All segments contributed to the group's revenue growth, the most significant contributor being the property development segment with 45.4 per cent increase, followed by investment and asset management segment and leisure segment at 10.7 per cent and 7.6 per cent growth respectively," it said.
SD Property expects a positive outlook for FY2024, supported by growth in the industrial segment and overall improvements in the residential market.
The company also expects further expansion with the introduction of two major projects namely The Ophera at KLGCC Resort, a signature residences, and the Elmina Lakeside Mall.
SD Property group managing director Datuk Azmir Merican said the company is actively diversifying its products and income streams.
"This quarter, our industrial segment emerged as the top contributor to our overall sales performance," he said.