KUALA LUMPUR: S P Setia Bhd posted a net profit of RM32.61 million for the third quarter ended Sept 30, 2026 (Q3 FY2026), down from RM68.03 million a year earlier.
Revenue declined to RM672.55 million from RM872.25 million in the corresponding quarter last year, due to slower sales conversion in domestic projects and the absence of land sales.
The decline also reflected a higher revenue base in the corresponding quarter last year, when more projects were completed, the property developer said in a Bursa Malaysia filing on Wednesday.
For the nine months ended Sept 30, 2026, the group’s net profit fell to RM161.79 million from RM234.85 million a year earlier, while revenue declined to RM2.32 billion from RM2.58 billion, mainly due to slower sales conversion in domestic projects and fewer land sale transactions.
President and chief executive officer Datuk Zaini Yusoff said the group’s Q3 FY2026 performance reaffirmed the strength of its established townships and the resilience of its diversified portfolio.
He said improving sales momentum, coupled with a further reduction in borrowings, reflected the group’s disciplined approach to growth.
“As we close the financial year, we remain focused on prudent launches, cost discipline and cash flow to deliver sustainable long-term value to our shareholders,” he said in a separate statement.
Zaini said the group had reinforced its long-term commitment to Australia with the groundbreaking of Atlas Melbourne on Sept 17. Sales had exceeded 60 per cent of the total units ahead of construction, reflecting strong buyer confidence.
“Further strengthening its Melbourne development pipeline, the group is targeting the launch of Sapphire Tower 2’s residential units in December 2026, advancing the next phase of the Sapphire by the Gardens precinct.
“Together with UNO Melbourne, Fulton Lane and Parque Melbourne, these developments deepen S P Setia’s presence in one of its key international markets,” he said.
With a diversified portfolio of established townships, eco-industrial parks and international developments, Zaini said the group was well positioned to capitalise on Malaysia’s supportive economic landscape and selected overseas opportunities.
“The group will continue to sharpen its focus on disciplined execution, prudent capital management and earnings resilience as it evolves into a more balanced and integrated real estate platform that delivers sustainable long-term value to shareholders,” he added.