SP Setia’s quarterly net profit falls 52.06% to RM32.61 million
Revenue declined 22.9% to RM672.55 million as the developer reported slower sales and higher operating expenses.
SP Setia Bhd reported RM32.61 million in net profit for 3QFY2026, down 52.06% against RM68.03 million a year earlier. The developer attributed the decline for the quarter ended Sept 30, 2026 to slower sales, increased operating expenses and the absence of a land sale.
The company said more project completions in the corresponding period last year also created a higher comparison base. Quarterly revenue was RM672.55 million, a 22.9% decline from RM872.26 million. It did not declare a quarterly dividend.
Operating profit fell 30.59% to RM186.86 million. Selling and marketing costs increased 88.33% to RM12.9 million, while administrative and general expenses reached RM123.29 million, up 10.87%.
For the nine-month period, net profit came to RM161.8 million, down 31.11% from RM234.86 million. Revenue dropped 10.29%, reaching RM2.32 billion against RM2.59 billion a year earlier.
The group reported nine-month sales of RM2.34 billion despite weaker demand. Domestic sales contributed RM1.91 billion (82%), with international sales accounting for RM430 million (18%). Borrowings decreased by RM402 million year-to-date, and net gearing stood at 0.30 times, compared with 0.35 times in 3QFY2025.
In Melbourne, construction on Atlas Melbourne began on Sept 17. SP Setia said buyers had purchased more than 60% of its units before construction. The group also aims to launch Sapphire Tower 2 in December 2026 as the next phase of Sapphire by the Gardens.
