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S P Setia Held 42nd Annual General Meeting

Press conference highlighted key achievements thus far

By The iProperty.com News Team on May 19, 2017

Kuala Lumpur, May 19: S P Setia held a press conference in accordance to their 42nd Annual General Meeting.

Some key highlights:

  • S P Setia achieved a remarkable profit before taxation (PBT) of RM1.18 billion, a record PBT achievement for the Group for a 12-month financial period on the back of revenue totaling RM4.96 billion for its financial period ended 31 December 2016.
  • The Group achieved profit attributable to shareholders’ of RM808 million, the highest record for a 12-month period. In line with the strong financial performance, the Group declared a final dividend of 16 sen per share. 

S P Setia achieved RM3.82 billion sales for the 12-month period ended 31 December 2016. Approximately 92% of the overall sales performance was derived from the local market, where centra region contributed the most with RM2.64 billion and the rest of the regions contributed RM859.7 million. The remaining 8% was derived from the international projects.

FY2017 Plans

The Group has launched its own secondary financing scheme for completed units as part of its sales initiatives with the objective of increasing the opportunities for purchasers to own properties in light of the current strict lending rules.

Upcoming launches include the following:

  • Setia Alam with GDV of RM292.0 million;
  • Setia EcoHill with GDV of RM204.0 million;
  • Setia EcoHill 2 with GDV of RM294.0 million;
  • Setia Eco Park with GDV of RM147.0 million;
  • Setia Eco Glades with GDV of RM67.0 million;
  • Setia Eco Templer with GDV of RM73.0 million;
  • Setia Sky Seputeh (Tower B) with GDV of RM478.0 million;
  • KL Eco City with GDV of RM615.0 million;
  • Setia Seraya Residences with GDV of RM278.0 million;
  • Setia Tropika in Johor with GDV of RM123.0 million;
  • Setia Business Park II in Johor with GDV of RM74.0 million;
  • Aeropod in Sabah with GDV of RM177.0 million;
  • Prahran in Melbourne, Australia with GDV of AUD38.0 million; and
  • Exhibition Street in Melbourne, Australia with GDV of AUD478.0 million.

The Group had on 14th April 2017 entered into a non-binding Memorandum of Intent (“MOI”) with Permodalan Nasional Berhad (“PNB”) and Amanahraya Trustees Berhad (as trustee for Amanah Saham Bumiputera) to commence negotiations on the proposed acquisition by the Group of the entire equity interest of I&P Group Sdn Berhad (“I&P Group”), which has 4,263 acres of remaining land banks and a Net Asset Value of RM3.16 billion as at 31st December 2016.

The Group remains resilient with its diversified range of new launches, cutting across a myriad of product types to cater to the various demands and needs of property buyers worth RM5.4bn billion in strategic locations to meet the sales target of RM4.0 billion in the current financial year.

The Group’s prospects going forward remain positive with total unbilled sales of RM7.84 billion, anchored by 30 ongoing projects and strong land banks of 5,141 acres with a GDV of RM75.72 billion as at 31st March 2017.