Sime Darby Property hits RM928mil in 1Q25 sales
PETALING JAYA: Sime Darby Property Bhd recorded RM927.5mil in sales in the first quarter of this year (1Q25), achieving 26% of its full-year target of RM3.6bil for this year (FY25).
In a statement, the group said sales were led by industrial products, contributing RM461.5mil (50%), followed by residential high-rise at RM246.3mil (27%), residential landed at RM127.9mil (14%) and commercial offerings at RM65.3mil (7%).
'New launches accounted for 61% (RM564.6mil) of total sales, driven primarily by industrial products from Elmina Business Park and Serenia Industrial Park, and supported by residential high-rise developments such as The Reya in Taman Melawati, Ophera in KLGCC Resort, and Kanopi Residences in the City of Elmina – reflecting strong demand for the group's latest offerings.
'Overall bookings as of May 18, 2025 stood at RM1.6bil.'
For 1Q25, the group recorded revenue of RM871.6mil, operating profit of RM189.1mil, and pre-tax profit and profit after tax and minority interest of RM179.6mil and RM118.4 mil respectively.
The group recorded margin improvements in gross profit at 32.5% (1.5% year-on-year), exceeding its guidance range of 20% – 25%, supported by disciplined cost management and contributions from a well-balanced product mix, with higher margin contributions from industrial, residential landed, and commercial products.
'Pre-tax profit remained stable at RM179.6mil, while pre-tax profit margin improved to 20.6% (2.1% y-o-y), primarily driven by stronger contributions from the investment and asset management (IAM) segment, which recorded a 61% year-on-year growth in pre-tax profit, led by the retail sub-segment.'
Sime Darby Property group managing director and chief executive officer Datuk Seri Azmir Merican said FY25 has been off to a solid start, building on the group's record performance last year.
'This quarter's results were anchored by margin improvement, firm sales momentum, and rising contributions from our IAM segment,' he said in a statement.
Meanwhile, the group's unbilled sales increased to its highest level since 2017 at RM3.8bil, securing clear earnings visibility for the next three years.
'Unsold gross development value for completed inventories remains low at RM227.2mil, while cash balances remain healthy at RM714.4mil.'
Additionally, the company said its net gearing ratio of 27.9% as at March 31, 2025 remains well-capitalised for growth.
'In April 2025, the group's RM800mil sukuk issuance as part of its RM4.5bil programme was oversubscribed by 6.7 times with tightest credit spreads achieved despite prevailing market uncertainties, a clear testament to strong investor confidence in Sime Darby Property's long-term strategy and financial resilience.
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