KUALA LUMPUR: SP Setia Bhd is setting its sights high for 2017 as it eyes target sales of RM4 billion, with 77 per cent expected to be derived from local projects.
The key property player announced total sales of RM3.82 billion for its financial year December 31, 2016, having exceeded its earlier target of RM3.5 billion in sales.
President and chief executive officer Datuk Khor Chap Jen said the company is confident of achieving a higher sales target for 2017 as its overseas ventures are expected to be increased.
"Local projects contributed RM3.5 billion representing 92 per cent of the total sales, while the remaining 8 per cent was derived from the group's international projects.
"The Central region contributed the most at RM2.64 billion, with the Southern, Northern and Eastern regions contributing RM859.7 million.
"The group also recorded strongest sales performance in the fourth quarter of the year in review totalling RM1.78 billion," he told reporters in a performance briefing here today.
Its profit before tax stood at RM1.18 billion on the back of revenue of RM4.96 billion for the financial year 2016.
SP Setia will be unveiling a total of RM1.67 billion worth of Gross Development Value in Australia and Klang Valley with four upcoming launches this year.