S P Setia Bhd has reported a 71.12% jump in its fourth quarter net profit to RM148.24 million from RM86.63 million a year earlier, helped by higher sales of its properties.

Revenue for the quarter ended Dec 31, 2023 (4QFY2023) fell 18.98% year-on-year to RM1.38 billion from RM1.71 billion, which the group attributed to lower revenue from the property development segment following the completion of the group’s Daintree Residence in Singapore in the previous year.

However, this was mitigated by higher contributions from the group’s Australian market due to the handover of UNO Melbourne units and higher domestic property development revenue, the group said in a bourse filing on Thursday.