News

Commercial Property Residential Property

Staff Reporter

, Singapore

Published:

1 year ago

Photo by Monstera Productin from Pexels

Sinarmas Land's net profit up 7.4% in H1 2024

Profit attributable to shareholders fell 18.7%.

Sinarmas Land reported a net profit of $199m in H1 2024, up 7.4% from $185m a year ago.

Revenue for the period rose 28.1% to $766m from $598m in H1 2023.

Sinarmas Land’s gross profit also increased to $502.9m from $373.8m a year ago mainly driven by the sale of land parcels and industrial buildings, which generated a higher profit margin.

Meanwhile, profit attributable to shareholders fell 18.7% to $89.0m from $109.5m in H1 2023 despite higher profit due to fair value losses and impairment losses from certain wholly-owned subsidiaries.

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