Sunway net profit soars to RM2.67bil

KUALA LUMPUR: Sunway Bhd’s net profit jumped to RM2.67bil in the financial year ended Dec 31, 2021 (FY21) from RM357.25mil in the same period a year earlier.

The group said the higher earnings were due to improved operating performance, underpinned by the stronger contributions from property investment, construction and other segments.

Its revenue increased to RM3.71bil from RM3.21bil mainly due to the higher revenue recorded from property investment and other segments.

Sunway said its property investment segment reported revenue of RM624.2mil for FY21 compared to RM494.6mil in the previous financial year.

“This was due to improved sales and progress billings from local development projects as well as higher contribution from the completion and handover of two local development projects in the second half of the year,” it added.

Sunway said the construction segment recorded revenue of RM1.11bil in FY21 compared to RM990.2mil in the corresponding 12-month period mainly due to higher progress billings from local construction projects and improved profit margins.

Sunway said the recent spike in Covid-19 infections, prolonged global supply chain disruptions and rising inflationary pressures leading to the tightening monetary policies could hamper the economic recovery in the near to medium term.

“While the downside risks are noted, the group is now operationally better prepared to manage the consequential impact,” it added. — Bernama