In a filing with Bursa Malaysia, the property developer said revenue jumped 53% to RM1.48 billion from RM967.67 million previously, buoyed by contributions from its property development, construction, investment holding, and other segments.

“The group’s property development segment achieved revenue of RM1.41 billion in Q1 2024 which is RM511.4 million or 57.1% higher than Q1 2023 mainly due to the higher contribution from Vietnam with the handover of Eco Xuan and higher domestic property development revenue during the current quarter.

“The land sale revenue in Q1 2024 amounted to RM424.2 million (Q1 2023: RM38.4 million),” it said.

On prospects, the company said new projects with a combined gross development value of RM146.2 million were launched during the quarter.

“Coupled with favourable market uptake, the group’s projections for continued upward momentum look secure.

“The group’s strong unbilled sales and 41 active projects spread across its strategically positioned landbanks underpin its measured approach in balancing capital allocation decisions and growth expansion plans,” it said.

SP Setia said the group is on track to meeting its RM4.4 billion sales target for the year, bolstered by the projected 4% to 5% 2024 economic growth, resilient domestic demand, and improved external demand outlook by Bank Negara Malaysia.

In a statement to Bursa, SP Setia president and CEO Choong Kai Wai said the group is navigating the challenges presented by a volatile global economy with a measured and strategic approach that keeps them at the forefront of industry innovation and market leadership.

At the close of trading, SP Setia’s share price was up by 2 sen or 1.32% at RM1.53, giving the group a market capitalisation of RM7.25 billion.