KUALA LUMPUR: Sunway Bhd's net profit rose 8.76 per cent to RM180.3 million in the third quarter ended Sept 30, 2023 (3Q23) from RM165.78 million a year ago.
Quarterly revenue grew 21.14 per cent to RM1.54 billion from RM1.27 billion previously, underpinned by higher contributions from its core business segments.
As a result, the group registered a higher earnings per share of 2.61 sen from 2.39 sen in 3Q22.
For the nine months ended on Sept 30 (9MFY23), Sunway's net profit increased by 1.74 per cent to RM471.87 million from RM463.78 million a year ago, while revenue rose to RM4.27 billion compared to RM3.66 billion previously.
According to Sunway, the property development profit from two of the group's property development projects in Singapore will only be recognised upon completion and handover of the projects.
One of the group's Singapore property development projects was completed and handed over during the quarter, contributing to a development profit of RM46.3 million.
The accumulated progressive profits for the remaining project under development were RM94.7 million as of the end of Sept 2023.
The project is expected to be completed and handed over in 1Q24.
Sunway Group's president Tan Sri Chew Chee Kin said the group's strong financial performance in the current quarter is a reflection of the resilience of Malaysia's economy.
He added that the group is optimistic that the financial performance for the financial year 2023 will be satisfactory.
"The group's healthcare segment continues to be the group's key growth driver, underpinned by robust growth at its three existing hospitals and new hospitals in the pipeline.
"In particular, Sunway Medical Centre Damansara and Sunway Medical Centre Ipoh, which will be launched in 4Q24 and 1Q25, respectively, will provide future earnings growth.
"In addition, the leisure, hospitality, and healthcare segments will benefit from several key initiatives announced in the Budget 2024," he said in a statement.
Adding further, Chew said that for the longer term, the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) will augur well for the group's flagship township development, Sunway City Iskandar Puteri, which is strategically located between Puteri Harbour and the Second Link to Singapore.
He noted that this special economic zone leverages the complementary strengths of both countries in fostering synergies in cross-border flows of goods, investments, and people.
