KUALA LUMPUR (Aug 19): S P Setia Bhd (KL:SPSETIA) posted a net profit of RM98.1 million for the second quarter ended June 30, 2026 (2QFY2026), down 1.74% from RM99.8 million a year earlier.

Quarterly revenue fell nearly 13% year-on-year to RM821.4 million from RM943.7 million, mainly due to lower contributions from land sales, the property developer said in a bourse filing on Tuesday.

The property group did not declare a dividend for the quarter.

The property development segment generated revenue of RM772.4 million and pre-tax profit of RM192.2 million in 2QFY2026.

A one-off reversal of foreseeable loss provisions due to the realisation of low-cost land disposals helped lift the segment’s pre-tax profit by 4% from RM186.3 million a year earlier.

For the quarter under review, S P Setia secured sales of RM864 million, of which RM784 million came from domestic developments, while the remaining RM80 million was contributed by its international developments.

This brought the group’s secured sales for the first six months of FY2026 to RM1.42 billion, against its sales target of RM4.6 billion for the financial year.

For the six months ended June 30, 2026 (6MFY2026), S P Setia’s net profit fell 22.6% to RM129.2 million from RM166.8 million, while revenue dropped 3.9% to RM1.65 billion from RM1.71 billion a year ago.

In a statement, S P Setia president and chief executive officer Datuk Zaini Yusoff said the group’s diversified portfolio, strategic land bank and focus on catalytic townships and eco-industrial parks would provide a solid foundation for long-term growth.

“We will continue to execute with discipline as we advance key developments in Penang and Vietnam,” he said.

S P Setia’s share price has fallen more than 28% from a peak of RM1.18 in mid-May. The counter closed 0.5 sen or 0.6% higher at 84 sen on Wednesday, giving the group a market capitalisation of RM4.24 billion.