Sunway's net profit surges to RM140.11mil in 1Q amid strong performance across all segments

KUALA LUMPUR: Sunway Bhd posted a higher net profit of RM140.11 million for the first quarter ended March 31, 2022, compared with RM58.45 million in the corresponding quarter amid stronger operating performance from most business segments.

The group recorded revenue of RM1.11 billion versus RM846.11 million, representing an increase of 31.5 per cent due to the stronger revenue recorded from most business segments except trading and manufacturing and quarry segments.

"We are pleased that the group’s financial performance continued to strengthen in the current quarter which has benefited from the recovery in the property investment and healthcare segments.

"This was mainly due to the easing of COVID-19 containment measures and strong pent-up demand,” Sunway Group chief financial officer, Chong Chang Choong said in a statement today.

Sunway said profit from two of the group’s ongoing property development projects in Singapore will only be recognised upon completion and handover of the projects pursuant to the Malaysian Financial Reporting Standards (MFRS) 15.

The accumulated profit of these projects amounted to RM69.9 million, of which RM18.2 million was not recognised at the end of the current quarter, it explained.

As for the outlook, Chong said the group is optimistic that the financial performance for the remaining year will be satisfactory. - Bernama