KUALA LUMPUR (Nov 22): SkyWorld Development Bhd has declared its first interim dividend of RM12.5 million or 1.25 sen per share for the second quarter ended Sept 30 (2QFY2024), after posting a net profit of RM19.1 million or 2.53 sen per share.

There are no comparative year-on-year figures as SkyWorld was only listed on the Main Market of Bursa Malaysia in July 2023.

In a filing on Wednesday, the property outfit said it had unbilled sales of RM713.6 million as at end-September, and reiterated plans to launch new projects in Kuala Lumpur in the current financial year with a total estimated gross development value exceeding RM1 billion.

On a quarter-on-quarter basis, the net profit is 54.51% lower than the RM42 million or 7.32 sen per share posted in 1QFY2024, following lower progressive revenue recognised from the SkySierra Residences project, which was completed in 2QFY2024.

Revenue fell 29.64% to RM148.33 million from RM210.82 million in 1QFY2024 due to the same lower progressive revenue recognised.

Aside from SkySierra Residences, other projects recognised in the period include SkyAwani IV Residences, SkyAwani V Residences, EdgeWood Residences, SkyVogue Residences, Curvo Residences, as well as from the sales of completed inventories, mainly from SkyMeridien Residences and Bennington Residences.

For the six months ended Sept 30, SkyWorld booked a net profit of RM61.11 million, on revenue of RM359.16 million, with a net profit margin of 17.01%.

In a statement, SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Ping said the robust financial performance was achieved despite the challenging and uncertain outlook in both domestic and global economies.

“As we continue to shape urban landscapes and pioneer innovative solutions, SkyWorld remains steadfast in its pursuit of excellence. Our commitment to quality, driven by our vision of 'Always Best City Developer' and with a purpose to 'Make Living Better', sets us apart in the industry,” Ng said.

Shares of SkyWorld closed unchanged at 58 sen, giving the group a market capitalisation of RM580.04 million.