Sime Darby Property is set to exceed FY2021 sales target

Sime Darby Property’s prospects for the remainder of the year is more robust following a challenging third quarter, and the Group is currently rolling out its remaining planned launches worth RM1.6bil with a healthy mix of products.posted a revenue of RM1.5bil for the nine months ended Sept 30 , registering a 9.1% increase from RM1.4bil achieved in the same period last year.

Sime Darby Property group managing director, Datuk Azmir Merican said that the Group is optimistic of exceeding the RM2.4bil sales target for FY2021, backed by the sales achieved in the first nine months of the year, with secured bookings of RM1.7bil as of Nov 7. The leisure segment posted a revenue of RM41.2mil and LBT of RM15.6mil respectively. This segment was impacted by Movement Control Orders , with losses managed through the consolidation of operations.Sime Darby Property’s revenue of RM388.2mil in Q3 FY2021 represented a 34.5% decline year-on-year, due to temporary shutdown of project sites and sales galleries.Q3 FY2021 vs Q2 FY2021

Investment and asset management as well as leisure segments registered drops in revenue to RM22.7mil and RM12.3mil, with LBT of RM0.7mil and RM9.3mil for each segment.Sime Darby Property’s financial position remains solid with cash balances of RM618.9mil and a moderate net gearing ratio of 32.1% as of Sept 30.

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