Liew named Malaysian Ernst & Young Entrepreneur of the YearKUALA LUMPUR: SP Setia Bhd president and chief executive officer Tan Sri Liew Kee Sin has been awarded the Malaysian Ernst & Young Entrepreneur of the Year 2011.
Liew would represent Malaysia to compete for the coveted Ernst & Young World Entrepreneur of the Year award at the annual award in Monte Carlo, Monaco next year.
The award was presented at the Ernst & Young awards gala, which was launched by International Trade and Industry Minister Datuk Seri Mustapa Mohamed who represented the deputy Prime Minister.
According to the panel of judges, Liew stands out for his innovative thinking – embodying the true spirit of entrepreneurial excellence and commitment to continue making a difference in people’s lives.
Tan Sri Liew Kee Sin, President Executive officer of SP Setia Berhad, with the Malaysian Ernst & Young Entrepreneur of the Year 2011 award yesterday at the J W Marriot Hotel in Kuala Lumpur. Liew stands out for his innovative thinking – embodying the true spirit of entrepreneurial excellence.- Star picture by Shahrul Fazry Ismail.
Liew had demonstrated keen foresight and the entrepreneurial qualities of passion, vision, determination and innovation, with an emphasis on sustainability.
SP Setia is a property developer with a strong brand name.
It posted a 30% year-on-year jump in net profit to RM327.97mil for its financial year ended Oct 31, 2011.
Revenue increased 27.9% to RM2.23bil during the period.
The group set a new full-year sales record in FY11 of RM3.29bil, a 42% increase from the previous record of RM2.31bil set in FY10.
It was the fourth consecutive year of increase in the group’s sales and represented the second consecutive year that total group sales had exceeded RM2bil.
The group recently launched its landmark integrated green commercial and mixed residential development called the KL EcoCity.
Internationally, its recent launches included Fulton Lane and EcoXuan, the group’s maiden project in Melbourne, Australia and second project in Vietnam respectively.
SP Setia was thrust into the limelight following a takeover bid by Permodalan Nasional Bhd (PNB) at RM3.90 per share and 91 sen per warrant in September.
SP Setia, Liew and PNB had proposed to enter into an agreement to formalise the incentives and management rights relating to the management and general conduct of the business of SP Setia.
The agreement is subject to an approval by the Securities Commission.
PNB might be paying out lucrative bonuses and stock options to SP Setia’s top management in order to persuade them to stay on with the group.
Meanwhile, Ernst & Young Malaysia country managing partner Abdul Rauf Rashid said Ernst & Young believed that entrepreneurship was fundamental and vital in every economy.
“Entrepreneurs help generate employment and industry growth.
“Indeed, driving entrepreneurship in Malaysia augurs well with the Government’s Economic Transformation Programme that encourages and facilitates private sector initiatives to drive our economy to a high-income nation,” he said in statement.
Ernst & Young presented four other awards for entrepreneurial excellence that included Emerging Entrepreneur 2011 to Exabytes Network Sdn Bhd chief executive officer Chan Kee Siak; Technology Entrepreneur 2011 to ViTrox Corp Bhd chief executive officer and president Chu Jenn Weng; Woman Entrepreneur 2011 to HELP International Corp Bhd chairperson/group CEO Datin Chan-Low Kam Yoke; and Master Entrepreneur 2011 to Liew.
The four recipients as well as the overall country award recipient were selected by an independent panel of judges guided by a set of globally-benchmarked criteria.
SP Setia targets RM4bil in property sales
By THOMAS HUONG firstname.lastname@example.orgDeveloper posts 30% jump in FY11 net profit
SHAH ALAM: SP Setia Bhd posted a 30% year-on-year jump in net profit to RM327.97mil for its financial year ended Oct 31, 2011 (FY11). The property developer attributed this mainly to higher selling prices for new launches and the stabilisation in the prices of construction materials. Revenue also increased 27.9% to RM2.23bil.
The group also set a new full-year sales record in FY11 of RM3.29bil, a 42% increase from the previous record of RM2.31bil set in FY10.
It was the fourth consecutive year of increase in the group's sales and represented the second consecutive year that total group sales had exceeded the RM2bil mark, said SP Setia in a Bursa Malaysia filing.
(The sales figures are based on the retail pricing of properties sold, while revenue is recognised in the accounts when the developer is paid at the point of purchase and also when construction is completed in stages.)
SP Setia has proposed a final dividend of 9 sen per share. Together with the interim dividend of 5 sen per share, total dividend for the year works out to be 14 sen per share, representing a payout of about 59% of the group's net profit.
The group's profit and revenue were largely derived from property developments in the Klang Valley, Johor Baru and Penang.
Ongoing projects which contributed included Setia Alam and Setia Eco-Park at Shah Alam (Selangor), Setia Walk at Pusat Bandar Puchong (Selangor), Setia Sky Residences at Jalan Tun Razak (Kuala Lumpur), Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Baru and Setia Pearl Island and Setia Vista in Penang.
President and chief executive officer Tan Sri Liew Kee Sin said the group was aiming to achieve total new sales of RM4bil in FY12.
“This is despite factors such as the external headwinds from the economic uncertainty in Europe, and Bank Negara's guidelines seeking to further encourage prudence in bank lending,” he told reporters.
About 90% of new sales in FY12 would come from Malaysia, with the balance from foreign markets.
Liew stated that the group had strong branding, and offered an extensive range of products that cater to diverse market needs.
The group's recent launch of its integrated green commercial and mixed residential development, KL EcoCity (Kuala Lumpur), is expected to contribute strongly to sales in FY12.
Other recent launches like Fulton Lane and EcoXuan, the group's maiden project in Melbourne and second project in Vietnam respectively, are expected to also help augment sales in FY12.
Meanwhile, Liew said he was not too concerned about the recent 10% increase in stamp duty for foreigners buying homes in Singapore.
“We target 70% of our product range in Singapore to cater to local upgraders. Foreign buyers will be about 30%, so we do not think there will be much of an impact,” he said.
Liew also said SP Setia was interested in making another bid to secure the project to redevelop London's Battersea Power Station. SP Setia had submitted a 262mil (RM1.3bil) offer for the project in November that was turned down, before recently making a a second bid of 324mil (RM1.6bil) that was also rejected.