KUALA LUMPUR (Aug 18): S P Setia Bhd net profit for the second quarter ended June 30, 2022 (2QFY22) rose 6.95% to RM80.09 million from RM74.81 million a year earlier, on the back of a revenue of RM1.02 billion versus RM1.08 billion previously.

Earning per share inched up to 1.97 sen from 1.84 sen.

The developer did not declare any dividend.

For the six months ended June 30 (1HFY22), S P Setia's net profit dipped to RM147.59 million from RM150.04 million a year ago, on the back of a lower cumulative revenue of RM1.88 billion, against RM2.14 billion previously, mainly due to lesser revenue contribution from Malaysia.

In a separate statement, S P Setia said it had secured a total sales of RM1.67 billion for 1HFY22.

It said sales were mainly from the local projects which contributed RM1.38 billion or approximately 83% of the sales, whilst the remaining RM294.0 million were mainly contributed from international sales.

S P Setia President & Chief Executive Officer Datuk Choong Kai Wai said RM272.0 million of completed inventories were sold, and RM559.0 million of bookings were secured during this period in review.

"Despite the challenges facing the real estate industry due to elevated building material costs, labour shortages, interest rate upcycle and inflationary pressure, potential homebuyers are still seeking landed properties in established townships.

“The recently announced 100% stamp duty exemption for first-time homebuyers of properties priced RM500,000 and below, through the i-MILIKI, will assist in expediting the property market's recovery," said Choong.

Choong said for the quarter under review, the group had launched a total gross development value of RM300.7 million landed properties, comprising of double-storey terraces, semi-detached houses and bungalows. He added that the take-up rate in the new phase of Setia Eco Templer hovers above 90%.

At midday break on Thursday (Aug 18), S P Setia was flat at 74 sen with 673,600 shares done.