In a statement to Bursa Malaysia today, the real estate developer attributed the stellar performance primarily to the sustained sales momentum across a diversified product mix and improved site progress within its property development segment.

Sime Darby Property’s revenue soared 74.2% to RM1.20 billion in Q2 FY2024 from RM688.92 million previously.

The company also declared a first interim dividend of 1.5 sen per share for the financial year ending Dec 31 (FY2024), amounting to a payout of RM102 million and payable on Nov 6.

For the cumulative six-month period ended June 30 (H1 FY2024), the company’s net profit more than doubled to RM285.54 million from RM131.74 million while revenue jumped to RM2.18 billion from RM1.37 billion previously.

On the H1 FY2024 performance, group managing director Azmir Merican said the notable contributions were from its industrial, residential high-rise and residential landed segments.

“The segments have been instrumental in reaching 60% of our RM3.5 billion sales target, underscoring the effectiveness of diversifying our product mix,” he said.

Sime Darby Property anticipates sustained momentum in H2 FY2024, driven by healthy demand and rising sales volume.