Sime Darby Property : Q1FY2024 Ended 31 March 2024 Results Announcement

Q1 FY2024

FINANCIAL RESULTS

ANALYST BRIEFING PRESENTATION

simedarbyproperty.com

Table of Contents

1. Q1 FY2024 Key Highlights
2. Financial Performance for Q1 FY2024
3. Operational Performance for Q1 FY2024
4. Battersea Power Station Updates
5. Land Bank Management & Activation Plan
6. Malaysian Economy & Sector Outlook
7. Strategy Moving Forward
8. Investment Proposition

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City of Elmina, Shah Alam	2

PURPOSE

To be a Value Multiplier for people, businesses, economies and the planet

VISION

Advancing real estate as a force for collective progress, in harmony with the planet's resources

MISSION

To develop, own and manage a thriving asset portfolio that creates value for all stakeholders

VALUES

T - Together we do what's right E - we lead with Excellence

A - we embrace new Approaches M - we Make things happen

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SD Property's Sustainability Framework

Our blueprint for integrating sustainable practices into the core of our business; Serves as a catalyst for positive change in the industry, benefiting all stakeholders

OUR PURPOSE

To be a Value Multiplier for people, businesses, economies and planet.

OUR VISION

Advancing real estate as a force for collective progress, in harmony with the planet's resources.

AMBITION		ENVIRONMENT		COMMUNITY				GOVERNANCE
	Commitment to a 1.5oC aligned	Leave a net positive impact on	Comply and lead in 100%
		the social and economic
		company that respects and		disclosure as per regulatory
		wellbeing of communities and
		protects nature.				guidelines.
				employees.
IMPERATIVES
	Championing energy transition	Building climate adaptive		Establishing and maintaining
		and low carbon in real estate.	communities.			policies and guidelines.
		Enhancing urban biodiversity.	Creating positive community	Ensuring consistent reporting
					experiences.				and disclosure.
MATTERS		ENVIRONMENT			SOCIAL		ECONOMIC		GOVERNANCE
1	Climate Adaptation	6	Community Experience	13	Innovation		17	Corporate Governance
	2	Energy & Carbon	7	Occupational Health & Safety	14	Property Development	and Compliance
	Data Privacy &
MATERIAL		Management	8	Responsible Supply Chain Management	15	Investment & Asset	18
			Cybersecurity
3	Urban Biodiversity	9	Diversity & Inclusion		Management
		Water Management		Land Bank Management
	4	10	Marketing & Communication	16
	5	Circularity
	11	Corporate Social Responsibility

12 Talent Management & Training Development

NET ZERO PATHWAY

Setting a clear pathway towards

40% reduction for Scope 1 and 2 by 2030

and operational carbon

Net Zero by 2050.

UN SDGs

ACCREDITATIONS

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Note: Highlighted in red are our 9 key material matters.

Key Highlights

First Quarter (Q1 FY2024)

Q1 FY2024 Financial Highlights

• Achieved strongest Q1 performance for revenue, operating profit and sales since the demerger
• Registered a growth in revenue, operating profit, PBT and PATAMI by 42.8%, 73.1%, 84.6% and 103.7%, respectively
• Healthy cash balance of RM647.1m and net gearing ratio of 23.8%

Financial Performance Snapshot

Revenue 43% YoYOperating Profit 73% YoY

RM978.7m	RM196.6m	PATAMI 104% YoY
Gross Profit 50% YoY	Profit Before Tax	RM123.6m
85% YoY

RM303.6mRM180.8m

Financial Position as at 31 March 2024
Cash Position	Total Equity	Net Assets per Share
RM647.1m	RM10,347.9m
Attributable
Gross Gearing	Net Gearing	to Owners of the Company
RM1.49
30.0%	23.8%

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Q1 FY2024 Operational Highlights

• Maintained a robust sales momentum in Q1 FY2024 amounting to RM955.9m
• Industrial products emerged as the top sales contributor at 30%, followed by 27% residential landed & 25% residential high-rise
• Launched RM820.2m GDV worth of diversified products (68% Industrial, 14% Residential High-Rise, 18% Others)

Sales Snapshot

Sales Achieved & GDV Launch Composition

Sales Achieved	Total Bookings	Unbilled Sales
RM955.9m	RM2.6b	RM3.6b
(791 units sold)	(as at 12 May 2024)	(as at 31 March 2024)

Product Launches

Q1 FY2024 New Launches	Average Take-up Rates
RM820.2m GDV	•	All products: 80%
	• Residential High-Rise: 80%
	•	Industrial: 73%

30%,

RM289m

68%,

RM559m

27%,

RM256m

25%,	Legend:
Sales
RM234m	GDV Launch
14%,
RM111m
18%,
RM150m	18%,
	RM177m

% Contribution:

Industrial:

30% (Sales); 68% (GDV launched)

Residential Landed:

27% (Sales); Nil (GDV launched)

Residential High-Rise:

25% (Sales); 14% (GDV launched)

Others (Commercial, Statutory & Agri lots):

*Average take-up rates as at 12 May 2024

Residential Landed	Industrial
Residential High-Rise	Others

18% (Sales); 18% (GDV launched)

Key Product Launches

March 2024		March 2024		March 2024

BBR3 - The Detached Factory

Ara Damansara - TRiARA Residence (Phase 2)

Serenia City - The Corak, Double Storey Shop Office

28 units | RM348.8m

146 units | RM111.3m

98 units | RM150.2m

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Q1 FY2024 Corporate Awards & Development Highlights

Sime Darby Property won two prestigious accolades - Platinum at Putra Brand Awards 2023 in Property Development Category and FIABCI Malaysia Property Awards 2023 for Environmental Category

Jan 2024

SD Property won a Platinum award for Putra Brand Awards

2023 for Property Development category

Jan 2024

Secured 85% Occupancy on pre-openingof the much- anticipated Elmina Lakeside

Mall

Feb 2024

Won FIABCI Malaysia Property

Awards 2023 for Elmina Rainforest

Knowledge Centre (ERKC) for Environmental category

Feb 2024

Battersea Power Station recognised as one of the "Best Cultural Spots" in the world by

National Geographic

Mar 2024	Apr 2024
SD Property celebrated	Final close of Industrial Development
conclusion of Dragon Deals	Fund 1 (IDF-1) completed in April 2024
Campaign with RM352m	at RM1b
bookings

Metrohub 1 - 1.1mil sq.ft

Target completion by Q4 2024

Mar 2024

SD Property launched the Jom

Raya Campaign with the Go Green- Let's Celebrate Raya Sustainably initiative from 15th Mar - 10th May

Metrohub 2 - 0.8mil sq.ft

Target completion by Q2 2024

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Financial Performance

First Quarter (Q1 FY2024)

Profit & Loss Performance

• Revenue grew by 42.8% YoY to RM978.7m, driven by a diversified product mix and stronger on-site progress
• Recorded PBT at RM180.8m and PATAMI at RM123.6m YoY with an increase of 84.6% and 103.7%, respectively

RM mil	Q1 FY2024	Q1 FY2023		YoY %	Q4 FY2023		QoQ %
Revenue	978.7	685.3	▲	42.8	1,012.7		(3.4)
Gross Profit	303.6	203.0	▲	49.6	276.2	▲	9.9
% Margin	31.0	29.6	▲	1.4	27.3	▲	3.7
PBIT	172.8	91.3	▲	89.2	150.8	▲	14.6
PBT	180.8	97.9	▲	84.6	169.6	▲	6.6
% Margin	18.5	14.3	▲	4.2	16.7	▲	1.8
PATAMI	123.6	60.7	▲	103.7	131.3		(5.8)
% Margin	12.6	8.9	▲	3.7	13.0		(0.4)
Basic Earnings Per Share (sen)	1.8	0.9	▲	103.7	1.9		(5.8)

Q1 FY2024 vs Q4 FY2023 (QoQ)

• Revenue remained strong at RM978.7m during the quarter albeit a marginal decline by 3.4%
• Gross Profit improved to RM303.6m, an increase by 9.9% resulting in a higher GP margin of 31.0%
• PBT improved by 6.6% to RM180.8m driven by the IAM segment, which turned profitable, recording a PBT of RM12.3m compared to a loss of RM2.1m in the preceding quarter

Q1 FY2024 vs Q1 FY2023 (YoY)

• Revenue grew by 42.8% to RM978.7m, highest for Q1 since the 2017 demerger, mainly driven by:

o All 3 business segments recorded higher revenue YoY

o Higher sales achieved (Q1 FY2024: RM955.9m vs Q1 FY2023: RM688.5m) o Higher site progress in major townships

• Gross Profit increased by 49.6% with GP margin at 31.0%, above our FY2024 guidance of 20% - 25%. Remained healthy supported by diversified product mix

• PBT grew by 84.6% to RM180.8m led by stronger contributions from PD and IAM segment

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