KUALA LUMPUR (Feb 28): S P Setia Bhd’s (KL:SPSETIA) net profit for the fourth quarter dropped 30% year-on-year, due to lower contributions from its Australian project and higher interest costs.

For the financial year ended Dec 31, 2024 (FY2024), S P Setia’s net profit, however, surged 93% to RM575.95 million, compared with RM298.57 million in FY2023. Revenue soared 21% to a record high of RM5.29 billion from RM4.37 billion, supported by higher land sales.

The developer declared a dividend of 2.88 sen per share for FY2024 — the highest since FY2018 when it paid an 8.55 sen per share dividend. It paid 1.3 sen per share in FY2023.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) was RM103.57 million, compared with RM148.24 million, the property developer said in bourse filing. Earnings per share fell to 2.09 sen from 3.53 sen in the previous year.

Quarterly revenue fell 23% to RM1.06 billion from RM1.38 billion in 4QFY2023, on lower property development revenue following the handover of UNO Melbourne in 2023, and project timing differences in the central region.

However, this was offset by better performance in the southern region and land sales. The group’s land sales revenue more than doubled to RM189 million in 4QFY2024 versus RM73 million a year ago, as profit before tax jumped 50% to RM87 million from RM58 million.

S P Setia aims for RM4.8 billion in new sales for FY2025, after surpassing its FY2024 sales target of RM4.4 billion, recording RM5.02 billion in total sales.

Internationally, S P Setia is optimistic about its projects in Vietnam and Australia, particularly Atlas Melbourne, which saw strong demand upon launch in 4QFY2024.

“With the core townships, new industrial developments, regional contributions and formation of REIT (real estate investment trust), S P Setia is set to deliver sustainable value, profit growth and value to shareholders, and operational excellence across all its endeavours,” its president and chief executive officer Datuk Choong Kai Wai said.

At 4.15pm, shares of S P Setia were traded at RM1.33, with a market capitalisation of RM6.65 billion.