Sunway Posts Higher 2Q Net Profit Of RM270.42 Mln

KUALA LUMPUR, Aug 28 (Bernama) -- Sunway Bhd’s net profit for the second quarter ended June 30, 2024 (2Q 2024) rose to RM270.42 million from RM149.93 million in the previous corresponding period.

Revenue increased by 11.3 per cent to RM1.58 billion in 2Q 2024 from RM1.47 billion previously.

In a filing with Bursa Malaysia today, Sunway said the increase in profit was due to higher contributions from most business segments except for the property investment segment.

It said that the property development segment’s revenue increased by 2.7 per cent to RM371.9 million for the current quarter compared to RM362.1 million in the same period last year due to higher sales and progress billings from new and ongoing local development projects.

“The property investment segment’s revenue grew by 15.8 per cent to RM231 million from RM199.4 million in the corresponding quarter of the previous year, driven by stronger performance across most sub-segments.

“The segments include higher visitorships at the theme parks, increased occupancy rates and average room rates at Sunway’s hotels, and higher revenue from the operations of property investment assets,” it said. 

Regarding prospects, Sunway said the group’s healthcare segment continues to focus on increasing bed capacity at its three operating hospitals to meet the growing demand for quality healthcare services from domestic patients and medical tourists.

It also expects the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ), combined with robust infrastructure and enhanced connectivity between Singapore and Johor, to augur well for attracting foreign and domestic investments into Johor.

In a separate statement, Sunway group president Tan Sri Datuk Dr Chew Chee Kin said the country’s robust economic growth in the first half of 2024 has significantly bolstered the group’s businesses.

“We remain positive on the prospects for the property development, healthcare, and construction segments as well as other business segments for the remainder of the year,” he said.

Sunway also declared a single-tier first interim cash dividend of 2 sen per ordinary share and a preferential dividend of 5.25 per cent per annum (based on the issue price of RM1.00) per irredeemable convertible preference share (ICPS) in respect of the financial period from Jan 1, 2024, to June 30, 2024.

-- BERNAMA