The improvement in profitability came on the back of a higher revenue of RM2.74 billion, up from RM2.22 billion the year before.

Group managing director Azmir Merican said SDP also recorded an operating profit of RM487.8 million, the highest since the de-merger of Sime Darby Bhd in 2017.

For the financial year, sales rose to RM3.7 billion, surpassing the target of RM2.6 billion.

Azmir attributed the better performance to the growth in profitability in all business segments. For instance, the group’s land monetisation activities and its disposal of non-core assets also contributed to the better results.

He complimented the SDP team for their collective effort and wide range of innovative products that, he said, had led to the improved results in an otherwise demanding year.

He said that among the challenges were labour shortages and escalating prices of materials.

Nonetheless, Azmir said, the group managed to deliver 1,855 units of new properties in 2022.

SDP is expected to declare a single-tier dividend of a sen per share for a total of two sen in FY22. This amounts to RM136 million.

Azmir said the company would likely face the same challenges it did in FY22 and would therefore “tread more cautiously” and pursue “more practical targets”.

He said the company would continue to be proactive in its landbank management and monetisation activities. In line with that, it proposed to acquire 383.64ha of land in Klang but would dispose of non-core lands.

For FY23, SDP is launching new projects with a total of RM3 billion in gross development value, of which 68% will be residential and 26% industrial.

The company expects to launch RM829.6 million of new properties in the first quarter of this year.

The group has a more moderate sales target of RM2.3 billion this year compared with FY22 based on current challenges in the operating environment.