AdminSime Darby Property Berhad (“Sime Darby Property” or “the Group”) has marked a historic milestone by delivering its strongest financial and operational performance to date. For the financial year ended 31 December 2024 (“FY2024”), the Group recorded revenue of RM4.3 billion, a 24% year-on-year (YoY) increase, with operating profit surging by 48% to RM899.8 million.
Profit before tax (PBT) rose by 28% to RM780.0 million, while profit after tax and minority interest (PATAMI) increased by 23% YoY to RM502.2 million. This solid performance has enabled the Group to declare total dividends of 3.0 sen per share for FY2024.
“Our FY2024 results reaffirm the strength of our diversified portfolio and the effective execution of our SHIFT25 strategy,” said Group Managing Director & Chief Executive Officer, Dato’ Seri Azmir Merican. “Achieving record-breaking revenue, operating profit, and surpassing RM4.0 billion in sales for the first time is a testament to our ability to drive sustainable growth and multiply value for our stakeholders.”
Property Development and Investment Segments
The Property Development (“PD”) segment remained the largest contributor, generating revenue of RM4.0 billion, marking a 24% increase from FY2023. The segment’s profit before tax also reached a record RM820.8 million, reflecting a 38% YoY growth.
Sime Darby Property’s Investment & Asset Management (“IAM”) segment also showed resilience, with revenue increasing by 29% YoY to RM139.2 million. This was driven by strong occupancy rates at KL East Mall and Elmina Lakeside Mall, which stood at 99.5%. However, the segment faced challenges, including net fair value losses on investment properties and higher joint venture losses.
Meanwhile, the Leisure segment recorded a 7% YoY revenue growth to RM100.0 million, benefiting from an increase in banqueting and golfing activities. The successful hosting of the LPGA-Maybank Championship at Kuala Lumpur Golf & Country Club for the second consecutive year also contributed to its strong performance.
Record Sales and Successful Property Launches
Sime Darby Property’s robust sales performance continued, reaching an all-time high of RM4.1 billion, exceeding the RM4.0 billion threshold for the first time and surpassing its FY2024 target by 17%. The Group successfully launched RM4.2 billion in Gross Development Value (“GDV”) products, surpassing its RM3.9 billion target.
The diversified launch portfolio saw residential high-rise products leading with a 39% contribution, followed by industrial properties (38%), residential landed (15%), and commercial developments (7%). Notable projects such as Elmina Ridge at City of Elmina and The Ophera at KLGCC Resort recorded strong take-up rates of 98% and 83%, respectively.
Industrial developments also witnessed high demand, with the Signature Collection at Elmina Business Park achieving an 89% take-up rate, while commercial products recorded an average take-up rate of 94%.
Strategic Expansion and Future Outlook
Sime Darby Property’s financial strength was further reinforced by its rising unbilled sales, which stood at RM3.7 billion as of 31 December 2024. This ensures strong earnings visibility for the next three years. The Group’s net gearing ratio remained stable at 24.3%, providing financial flexibility for future growth.
A major highlight of the year was the strategic partnership with Google to develop data centres at Elmina Business Park. The project, covering 126 acres with a 20-year lease value of RM7.6 billion, underscores Sime Darby Property’s capability in developing high-value assets and expanding its recurring income base.
Looking ahead, the Group has set a sales target of RM3.6 billion for FY2025, with planned launches worth RM4.0 billion in GDV. Despite global economic uncertainties, Sime Darby Property remains confident in its growth trajectory.
“Despite global economic headwinds and trade tensions, we are well-positioned to sustain our momentum and seize emerging opportunities,” added Dato’ Seri Azmir. “With a clear focus on innovation, operational agility, and sustainability, we are poised to drive the next phase of growth under our SHIFT25 strategy.”
As the Group continues to expand its footprint in the real estate sector, its commitment to delivering long-term value for stakeholders remains steadfast, reinforcing its position as Malaysia’s No. 1 property developer.
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