SP Setia's Q2 net profit slips slightly as sales hit RM864mil

SP Setia Bhd reported a slightly lower net profit of RM98.06 million in Q2 2026, compared to RM99.8 million in the same period last year. Group sales reached RM864 million, although domestic land sales contributed less than anticipated. Domestic developments accounted for 91% of the quarterly sales, with central and southern regions driving most of those sales.

For the six months, SP Setia reported RM1.42 billion in sales, with domestic projects contributing 90% and international developments making up the remaining RM140 million. The company's revenue for the second quarter stood at RM822 million, totaling RM1.65 billion for the first half of the year. Pre-tax profit for the six months was RM298 million.

SP Setia reduced its borrowings by RM209 million, maintaining a stable net gearing of 0.31 times, showcasing efforts to strengthen its financial position. SP Setia's president and CEO, Datuk Zaini Yusoff, emphasized the company's resilience, citing steady sales, lower borrowings, and effective cost and cash flow management. Despite a dynamic operating environment, the diversified portfolio, strategic landbank, and focus on catalytic townships and eco-industrial parks provide a strong foundation for long-term growth.

SP Setia recently broke ground on the 509-acre Setia Fontaines Industrial Park in Bertam, focusing on advanced manufacturing, digital infrastructure, and high-technology industries. In Vietnam, the Setia Edenia development in Ho Chi Minh City is on track for completion in 2027.