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52 | S P SETIA BERHAD GROUP | Annual Report 2014

Chairman’s Statement

III. business Review

across Kuala Lumpur, Selangor, Johor,

Penang, Kedah, Perlis and Pahang. In recent

years, the programme has also extended

its reach to Sabah & Sarawak. 2014 is the

13th year since the inception of the Setia

Adoption Programme. Since the launch of

the Setia Adoption Programme in 2000,

the Foundation has spent approximately

RM26.6 million to carry out the SAP.

The Foundation also constantly make

donations and sponsorships towards

education as well as healthcare

programmes. In the year under review,

the Foundation supported education in the

country through provision of a rural hostel

to SK Mattunggong in the Kota Marudu

constituency, Kudat, Sabah, the installation

of an additional awning between two school

blocks at SMK Raja Ali which will enable

it to accommodate more students during

assembly, donations of new school desks

and chairs, school books and bags to various

schools across the country on top of its

contribution to Malaysia’s first sign language

dictionary which will finally be able to

enhance sign language communication for

the hearing impaired community.

Besides its contribution to the education

sector, the S P Setia Foundation has

donated two haemodialysis machines worth

RM83,000 to Eagles Dialysis Centre (EDC)

to assist the organisation in continuing

with its valuable service to the public. EDC

is a non-profit organisation which aims to

provide affordable quality dialysis treatment

for end-stage kidney failure patients from

the urban poor and lower income groups

irrespective of race or religion.

The Board recognises that human capital

is an organisation’s greatest asset and we

are constantly seeking ways to reward and

retain talents. The Long Term Incentive Plan

(LTIP) initiated in FY2013 aims to retain key

talents whose contributions are vital to the

Group as well as to motivate employees to

a greater level of commitment and enhance

productivity.

Prospects and Outlook

As we enter into the new financial year,

the Group is cautious but optimistic of the

prospects in 2015. Amid the continued

property cooling measures, the Group is

targeting to maintain our sales target for

financial year 2015 ending Oct 31 at RM4.6bil.

We will focus our launches on specific

product type such as mid-range homes to

meet the current market demands and in

land banks that have ready infrastructure and

amenities such as Setia Alam and Setia Eco

Park as well as projects like Setia EcoHill and

Setia Eco Glades that have benefitted from

new infrastructure projects such as the Klang

Valley Mass RapidTransit (KVMRT) project.

With a total of 4,610 acres of prime land

bank yet to be developed with approximately

RM73.6 billion of effective shares in the

remaining gross development value,

coupled with strong foundation and brand

name, S P Setia is positive that we are able

to achieve the sales target set for this year.

The foundation

constantly make

donations and

sponsorships

towards education

as well as healthcare

programmes.