KUALA LUMPUR: 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.
For the period of six month ended June 30, 2024, SP Setia's net profit rose to RM372.36 million versus RM98.51 million, on the back of higher revenue of RM2.97 billion against RM1.91 billion previously.
On prospect, SP setia president and chief executive officer Datuk Choong Kai Wai said the company is optimistic about its operations and financial outlook for the rest of the financial year.
This performance underscores our strategic focus on the Malaysian market, particularly in the Southern and Central regions, he added.