KUALA LUMPUR (Nov 20): Sime Darby Property Bhd (KL:SIMEPROP) said it has already hit 91% of its full-year sales target of RM3.5 billion for 2024 by September. Its unbilled sales stood at RM3.7 billion.

For the quarter ended Sept 30 (3QFY2024), the property developer's revenue was up 4% to RM1.09 billion, while net profit was 12% lower at RM128.26 million amid higher administration expenses.

Nonetheless, the strong sales in the first nine months helped lift Sime Darby Property's cumulative net profit and revenue to record highs. For the nine-month period ended Sept 30, the group's net profit surged 50% year-on-year to RM413.8 million. Revenue for the period jumped 35% to RM3.27 billion from RM2.42 billion previously, boosted by strong sales and financial progress across major townships such as Bandar Bukit Raja, Serenia City, Kuala Lumpur Golf & Country Club Resort, Nilai Impian, and Elmina Business Park.

Between January and September, the company launched properties worth RM2.9 billion in gross development value, about 75% of its own full-year target of RM3.9 billion.

It is worth noting that Sime Darby Property's cash hoard ballooned to RM790.7 million and its net gearing improved to 19.5% at end-September, indicating the developer is well-capitalised for future developments.

Shares of Sime Darby Property closed unchanged at RM1.42, valuing the group at RM9.66 billion. Year-to-date, the stock has more than doubled from 62.5 sen.