Skyworld Development intends to launch RM1 billion worth of new projects in KL

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KUALA LUMPUR, 4 July 2023 – Skyworld Development Bhd, a prominent property developer, has announced its ambitious plans to launch multiple new projects in Kuala Lumpur, Malaysia. These upcoming projects are estimated to have a combined gross development value exceeding RM1 billion within the current financial year, ending on March 31, 2024.

With an impressive track record in the industry, Skyworld Development has garnered substantial success and currently boasts unbilled sales amounting to RM944.6 million. This promising figure provides a clear outlook on the company’s future revenue prospects.

In a strategic move to further expand its market presence, Skyworld Development aims to extend its operations beyond Kuala Lumpur and venture into the neighboring state of Selangor. To facilitate this expansion, the company has set aside RM100 million from its initial public offering (IPO) proceeds specifically for land acquisition purposes. Skyworld is actively scouting for suitable land parcels that can be developed into future projects.

Moreover, the company has expressed its intention to explore opportunities beyond the Malaysian market. Skyworld Development is actively seeking suitable land in Ho Chi Minh City, Vietnam, for its maiden development outside of Malaysia. This move reflects the company’s commitment to broadening its horizons and capitalizing on potential growth prospects in the international market.

In addition to its future plans, Skyworld Development has already initiated the construction of two built-to-rent properties: Sama Square and SkyBlox, located in the vibrant Setapak area of Kuala Lumpur. These developments are expected to be completed and operational by the second half of the current financial year. The company anticipates that these projects will make a significant positive contribution to its overall performance.

Despite the challenging and uncertain economic climate, both locally and globally, Skyworld Development remains cautiously optimistic about its financial and operational performance for the upcoming financial year. The company aims to sustain its satisfactory performance and capitalize on the opportunities presented in the property market.

In terms of financial results, Skyworld Development reported a net profit of RM58.2 million for the fourth quarter ending on March 31. This translates to earnings per share of 93.13 sen, with a revenue of RM225.95 million. For the entirety of the previous financial year, the company achieved record-breaking results, posting a revenue of RM841.4 million and a net profit of RM144 million, equivalent to 230.39 sen per share.

In line with its strong financial performance, Skyworld Development has proposed a first interim single-tier dividend of 3.00 sen per share. The entitlement date for shareholders is set on September 12, and the dividend payment is scheduled for September 22.

As Skyworld Development continues to thrive in the competitive property market, these planned projects, expansions, and impressive financial results demonstrate the company’s commitment to growth and value creation for its stakeholders.

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