S P Setia Berhad, a property developer, recorded a remarkable 93% increase in its third-quarter profit this year.
The success was due to higher land sales, which helped offset losses from the Battersea Power Station project and reduced contributions from its Australian operations.
For the quarter ended September 30, 2024, S P Setia achieved a net profit of RM100.02 million, a significant increase from RM51.82 million in the same period last year.
Revenue also saw an increase, increasing by 16.62% to RM1.26 billion.
During the first nine months of the year, profit tripled to RM472.38 million, supported by large land sales in areas such as Glengowrie, Johor Bahru and Setia Alam.
The company’s sales reached RM3.2 billion in the nine months, with most of the sales coming from the central and southern regions of Malaysia.
In addition, it has plans to launch RM1.97 billion worth of new properties, including residential, commercial and industrial units.
The highlight of this plan is the Bukit Persekutuan Setia project in Kuala Lumpur, which will be launched in early 2025.
Internationally, the Atlas Melbourne project, a massive 73-storey development, is in the works, with construction starting in 2026.
