KUALA LUMPUR (July 4): SkyWorld Development Bhd posted revenue of RM841.4 million, with profit before tax (PBT) and profit after tax (PAT) clocked in at RM204.8 million and RM150.7 million respectively for the financial year ended March 31 (FY2023). The RM150.7 million is the highest PAT ever recorded by the city property developer.
Meanwhile, net profit margin was strong at 17.9%.
The remarkable increase of SkyWorld’s PAT was contributed by revenue generated from ongoing projects such as SkySierra Residences (The Valley), EdgeWood Residences, SkyVogue Residences, SkyAwani III Residences, SkyAwani IV Residences, SkyAwani V Residences and the sales of completed inventories mainly from SkyMeridien Residences.
“As we closed the books for our 2023 financial year, I feel humbled and immensely proud to announce that SkyWorld has achieved unprecedented heights in its financials. SkyWorld has surpassed all previous records and achieved its highest ever revenue and net profit in the company’s history.
“To add on, our return on equity continues to remain strong as it clocked in at 27.9% for 2023. This momentous achievement is a testament to the hard work, dedication, and ingenuity of our exceptional team, as well as the unwavering support from the homeowners.” said SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing.
As of May 22 May, SkyWorld has a total sold and unbilled gross development value of RM968.28 million, which will be recognised progressively between 2023 and 2026. SkyWorld’s completed developments have a collective take-up rate of 98% and our QLASSIC score exceeds the overall average scores for the industry, which ranged between 69% and 73% from 2017 to 2020,” Ng added.
SkyWorld will be listed on the Main Market of Bursa Malaysia Securities Bhd on July 10 July. Based on the initial public offering (IPO) price of RM0.80 and FY2023 PAT and minority interests, SkyWorld’s price to earnings ratio stands at 5.56 times.
SkyWorld also has declared a first interim single-tier dividend of three sen per share on 1 billion ordinary shares, translating to a dividend yield of 3.75% based on the IPO price.
Source: EdgeProp.my
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