May 20, 2024 - $SIMEPROP (5288.MY)$ shares rose 7.48% to RM 1.15 in trading on Thursday. The company released its 24Q1 financial results, which performed very well and exceeded expectations.
2024 First Quarter Financial Highlights
- The Group registered its strongest Q1 Performance for Revenue, Operating Profit & Sales since the 2017 demerger;
- Achieved 42.8% YoY Revenue growth to RM978.7 million;
- PBT surges 84.6% to RM180.8 million and PATAMI doubles to RM123.6 million;
- Recorded 38.8% YoY increase in sales to RM955.9 million, driven by diversified product mix with significant contribution from industrial product
Outlook for FY2024:
- The company anticipates a favorable outlook for FY2024, driven by the robust industrial segment and general improvement in the residential market.
- Two landmark projects are planned for launch: The Ophera at KLGCC Resort and the Elmina Lakeside Mall, reflecting a proactive approach to market demands and customer enrichment.