KUALA LUMPUR: SP Setia Bhd's net profit increased 7.1 per cent to RM80.09 million in the second quarter (Q2) ended June 30, 2022 from the RM74.81 million recorded in the same quarter last year.
Its revenue, however, dropped 5.9 per cent to RM1.02 billion from RM1.08 billion.
For the six-month period, SP Setia's net profit eased 1.6 per cent to RM147.59 million from RM150.04 million, while revenue decreased 11.7 per cent to RM1.89 billion from RM2.14 billion.
SP Setia said sales were mainly from the local projects which contributed RM1.38 billion or 83 per cent of the sales, while the remaining RM294.0 million were mainly contributed from international sales.
President and chief executive officer Datuk Choong Kai Wai said RM272.0 million of completed inventories were sold, and RM559.0 million of bookings were secured during this period in review.
"Despite the challenges facing the real estate industry due to elevated building material costs, labour shortages, interest rate upcycle and inflationary pressure, potential homebuyers are still seeking for landed properties in established townships.
"This augurs well for SP Setia as the group is known for quality townships prioritising conveniences and amenities.
"Many potential buyers realise the importance of owning a home that complements their lifestyle under the new norm."
Choong added that the recently-announced 100 per cent stamp duty exemption for first-time homebuyers of properties priced RM500,000 and below through the i-MILIKI would assist in expediting the property market's recovery.
SP Setia said for the quarter under review, the group had launched a total gross development value (GDV) of RM300.7 million landed properties comprising double-storey terraces, semi-detached and bungalows.
The take-up rate in the new phase in Setia Eco Templer hovered above 90 per cent.
Other successful launches were also observed in townships such as Setia Eco Glades.
SP Setia said it was currently anchored by 47 ongoing projects with an effective remaining land bank of 2,849.8 hectares.
GDV stands at RM120.88 billion as of June 30, 2022 backed by unbilled sales totalling RM8.71 billion providing earnings visibility in the short to mid-term.
"Despite the current challenges disrupting the world economy, the group will continue to monitor the situation to attain its overall performance," it said.