Q1 FY2024
FINANCIAL RESULTS
ANALYST BRIEFING PRESENTATION
simedarbyproperty.com
Table of Contents
- Q1 FY2024 Key Highlights
- Financial Performance for Q1 FY2024
- Operational Performance for Q1 FY2024
- Battersea Power Station Updates
- Land Bank Management & Activation Plan
- Malaysian Economy & Sector Outlook
- Strategy Moving Forward
- Investment Proposition
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City of Elmina, Shah Alam | 2 |
PURPOSE
To be a Value Multiplier for people, businesses, economies and the planet
VISION
Advancing real estate as a force for collective progress, in harmony with the planet's resources
MISSION
To develop, own and manage a thriving asset portfolio that creates value for all stakeholders
VALUES
T - Together we do what's right E - we lead with Excellence
A - we embrace new Approaches M - we Make things happen
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SD Property's Sustainability Framework
Our blueprint for integrating sustainable practices into the core of our business; Serves as a catalyst for positive change in the industry, benefiting all stakeholders
OUR PURPOSE
To be a Value Multiplier for people, businesses, economies and planet.
OUR VISION
Advancing real estate as a force for collective progress, in harmony with the planet's resources.
AMBITION | ENVIRONMENT | COMMUNITY | GOVERNANCE | ||||||
Commitment to a 1.5oC aligned | Leave a net positive impact on | Comply and lead in 100% | |||||||
the social and economic | |||||||||
company that respects and | disclosure as per regulatory | ||||||||
wellbeing of communities and | |||||||||
protects nature. | guidelines. | ||||||||
employees. | |||||||||
IMPERATIVES | |||||||||
Championing energy transition | Building climate adaptive | Establishing and maintaining | |||||||
and low carbon in real estate. | communities. | policies and guidelines. | |||||||
Enhancing urban biodiversity. | Creating positive community | Ensuring consistent reporting | |||||||
experiences. | and disclosure. | ||||||||
MATTERS | ENVIRONMENT | SOCIAL | ECONOMIC | GOVERNANCE | |||||
1 | Climate Adaptation | 6 | Community Experience | 13 | Innovation | 17 | Corporate Governance | ||
2 | Energy & Carbon | 7 | Occupational Health & Safety | 14 | Property Development | and Compliance | |||
Data Privacy & | |||||||||
MATERIAL | Management | 8 | Responsible Supply Chain Management | 15 | Investment & Asset | 18 | |||
Cybersecurity | |||||||||
3 | Urban Biodiversity | 9 | Diversity & Inclusion | Management | |||||
Water Management | Land Bank Management | ||||||||
4 | 10 | Marketing & Communication | 16 | ||||||
5 | Circularity | ||||||||
11 | Corporate Social Responsibility | ||||||||
12 Talent Management & Training Development
NET ZERO PATHWAY
Setting a clear pathway towards
40% reduction for Scope 1 and 2 by 2030
and operational carbon
Net Zero by 2050.
UN SDGs
ACCREDITATIONS
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Note: Highlighted in red are our 9 key material matters.
Key Highlights
First Quarter (Q1 FY2024)
Q1 FY2024 Financial Highlights
- Achieved strongest Q1 performance for revenue, operating profit and sales since the demerger
- Registered a growth in revenue, operating profit, PBT and PATAMI by 42.8%, 73.1%, 84.6% and 103.7%, respectively
- Healthy cash balance of RM647.1m and net gearing ratio of 23.8%
Financial Performance Snapshot
Revenue 43% YoYOperating Profit 73% YoYRM978.7m | RM196.6m | PATAMI 104% YoY |
Gross Profit 50% YoY | Profit Before Tax | RM123.6m |
85% YoY |
RM303.6mRM180.8m
Financial Position as at 31 March 2024 | ||
Cash Position | Total Equity | Net Assets per Share |
RM647.1m | RM10,347.9m | |
Attributable | ||
Gross Gearing | Net Gearing | to Owners of the Company |
RM1.49 | ||
30.0% | 23.8% | |
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Q1 FY2024 Operational Highlights
- Maintained a robust sales momentum in Q1 FY2024 amounting to RM955.9m
- Industrial products emerged as the top sales contributor at 30%, followed by 27% residential landed & 25% residential high-rise
- Launched RM820.2m GDV worth of diversified products (68% Industrial, 14% Residential High-Rise, 18% Others)
Sales Snapshot |
Sales Achieved & GDV Launch Composition
Sales Achieved | Total Bookings | Unbilled Sales |
RM955.9m | RM2.6b | RM3.6b |
(791 units sold) | (as at 12 May 2024) | (as at 31 March 2024) |
Product Launches
Q1 FY2024 New Launches | Average Take-up Rates | |
RM820.2m GDV | • | All products: 80% |
• Residential High-Rise: 80% | ||
• | Industrial: 73% |
30%,
RM289m
68%,
RM559m
27%,
RM256m
25%, | Legend: |
Sales | |
RM234m | GDV Launch |
14%, | |
RM111m | |
18%, | |
RM150m | 18%, |
RM177m |
% Contribution:
Industrial:
30% (Sales); 68% (GDV launched)
Residential Landed:
27% (Sales); Nil (GDV launched)
Residential High-Rise:
25% (Sales); 14% (GDV launched)
Others (Commercial, Statutory & Agri lots):
*Average take-up rates as at 12 May 2024
Residential Landed | Industrial |
Residential High-Rise | Others |
18% (Sales); 18% (GDV launched)
Key Product Launches
March 2024 | March 2024 | March 2024 | ||
BBR3 - The Detached Factory | Ara Damansara - TRiARA Residence (Phase 2) | Serenia City - The Corak, Double Storey Shop Office |
28 units | RM348.8m | 146 units | RM111.3m | 98 units | RM150.2m | 7 |
Q1 FY2024 Corporate Awards & Development Highlights
Sime Darby Property won two prestigious accolades - Platinum at Putra Brand Awards 2023 in Property Development Category and FIABCI Malaysia Property Awards 2023 for Environmental Category
Jan 2024
SD Property won a Platinum award for Putra Brand Awards
2023 for Property Development category
Jan 2024
Secured 85% Occupancy on pre-openingof the much- anticipated Elmina Lakeside
Mall
Feb 2024
Won FIABCI Malaysia Property
Awards 2023 for Elmina Rainforest
Knowledge Centre (ERKC) for Environmental category
Feb 2024
Battersea Power Station recognised as one of the "Best Cultural Spots" in the world by
National Geographic
Mar 2024 | Apr 2024 |
SD Property celebrated | Final close of Industrial Development |
conclusion of Dragon Deals | Fund 1 (IDF-1) completed in April 2024 |
Campaign with RM352m | at RM1b |
bookings | |
Metrohub 1 - 1.1mil sq.ft
Target completion by Q4 2024
Mar 2024
SD Property launched the Jom
Raya Campaign with the Go Green- Let's Celebrate Raya Sustainably initiative from 15th Mar - 10th May
Metrohub 2 - 0.8mil sq.ft
Target completion by Q2 2024
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Financial Performance
First Quarter (Q1 FY2024)
Profit & Loss Performance
- Revenue grew by 42.8% YoY to RM978.7m, driven by a diversified product mix and stronger on-site progress
- Recorded PBT at RM180.8m and PATAMI at RM123.6m YoY with an increase of 84.6% and 103.7%, respectively
RM mil | Q1 FY2024 | Q1 FY2023 | YoY % | Q4 FY2023 | QoQ % | ||
Revenue | 978.7 | 685.3 | ▲ | 42.8 | 1,012.7 | (3.4) | |
Gross Profit | 303.6 | 203.0 | ▲ | 49.6 | 276.2 | ▲ | 9.9 |
% Margin | 31.0 | 29.6 | ▲ | 1.4 | 27.3 | ▲ | 3.7 |
PBIT | 172.8 | 91.3 | ▲ | 89.2 | 150.8 | ▲ | 14.6 |
PBT | 180.8 | 97.9 | ▲ | 84.6 | 169.6 | ▲ | 6.6 |
% Margin | 18.5 | 14.3 | ▲ | 4.2 | 16.7 | ▲ | 1.8 |
PATAMI | 123.6 | 60.7 | ▲ | 103.7 | 131.3 | (5.8) | |
% Margin | 12.6 | 8.9 | ▲ | 3.7 | 13.0 | (0.4) | |
Basic Earnings Per Share (sen) | 1.8 | 0.9 | ▲ | 103.7 | 1.9 | (5.8) | |
Q1 FY2024 vs Q4 FY2023 (QoQ)
- Revenue remained strong at RM978.7m during the quarter albeit a marginal decline by 3.4%
- Gross Profit improved to RM303.6m, an increase by 9.9% resulting in a higher GP margin of 31.0%
- PBT improved by 6.6% to RM180.8m driven by the IAM segment, which turned profitable, recording a PBT of RM12.3m compared to a loss of RM2.1m in the preceding quarter
Q1 FY2024 vs Q1 FY2023 (YoY)
• Revenue grew by 42.8% to RM978.7m, highest for Q1 since the 2017 demerger, mainly driven by:
o All 3 business segments recorded higher revenue YoY
o Higher sales achieved (Q1 FY2024: RM955.9m vs Q1 FY2023: RM688.5m) o Higher site progress in major townships
• Gross Profit increased by 49.6% with GP margin at 31.0%, above our FY2024 guidance of 20% - 25%. Remained healthy supported by diversified product mix
• PBT grew by 84.6% to RM180.8m led by stronger contributions from PD and IAM segment
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Sime Darby Property Bhd published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 10:21:04 UTC.