SP Setia recorded sales of RM2.7 billion in the third quarter of 2022

SHAH ALAM – SP Setia Berhad (SP Setia) recorded total sales of RM2.7 billion for the nine-month period ending September 30, 2022, thus being seen as capable of reaching the sales target of RM4 billion this year.

Its president and chief executive officer, Datuk Choong Kai Wai informed that the leading local property developer also earned a pre-tax profit of RM370 million compared to revenue of RM2.75 billion.

He explained that local projects contributed a total of RM2.34 billion or 87 percent of sales while the remaining RM359 million was contributed from international sales.

“Our efforts to deplete inventory have already paid off with sales of RM478 million while RM592 million in orders have been secured by 30 September 2022.

“The progress of local projects is also expected to improve by the fourth quarter of this year despite the acute labor shortage faced by the real estate industry recently,” he said in a statement on Monday.

In the meantime Kai Wai informed that SP Setia has also started a new field which is the construction of industrial parks which is increasingly in demand in the market.

He said, two plots of land in Setia Alaman, Klang and Taman Industri Jaya, Johor have also been identified to develop the industry.

“In line with the ongoing Environmental, Social and Governance (ESG) empowerment efforts, SP Setia is increasing its sustainability plans including the installation of solar panels and electric vehicle chargers at selected new housing projects as well as at the Setia City shopping center and convention center in collaboration with Tenaga Nasional Berhad (TNB),” he explained.

For the record, SP Setia is currently developing 47 projects with a remaining 6,687 acres of development land with a gross value of RM119.47 billion as of 30 September 2022.

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