SunCon’s FY21 net profit soars

Revenue rose 11.4% to RM1.73bil from RM1.55bil previously, on the back of higher revenue from the construction and precast segments, SunCon said in a filing with Bursa Malaysia yesterday.

KUALA LUMPUR: Sunway Construction Group Bhd’s (SunCon) net profit jumped to RM112.59mil in the financial year ended Dec 31, 2021 (FY21) from RM72.79mil posted a year ago.

Revenue rose 11.4% to RM1.73bil from RM1.55bil previously, on the back of higher revenue from the construction and precast segments, SunCon said in a filing with Bursa Malaysia yesterday.

It said the construction segment reported revenue of RM1.61bil in FY21 from RM1.46bil in FY20 as the impact of Covid-19 was less severe than last year due to the vaccination drive which allowed for faster resumption of economic activities.

The precast segment reported revenue of RM122.9mil in the financial year under review compared with RM97.4mil during the same period previously due to the movement control order in Malaysia and circuit breaker in Singapore.

SunCon said it has propose a second interim dividend of four sen per share, which brings total

dividend to 5.25 sen and equivalent to 60 per cent of full year profit after taxation and minority interests, to be paid on April 7, 2022.

In a statement, group managing director Chung Soo Kiong said the group is supported by a healthy outstanding order book of RM4.8 billion as at Dec 31, 2021 which provides strong earnings visibility for

the next three years.

“This is further driven by our active new order book replenishment target of RM2 billion for 2022, underpinned by advances in sustainability which will drive our long-term performance.

“To strengthen our regional presence, the group continues to expand its overseas presence in India and ASEAN countries,” he said.

On the domestic front, he said the group is actively pursuing opportunities in the private and public sectors, including any private funding initiatives as well as pipeline projects from its immediate holding

company, Sunway Bhd, and in the sustainable energy segment.

-- BERNAMA

TAGS: Sunway Construction, results, FY2021, order book, dividend