KUALA LUMPUR: Sunway Bhd
’s net profit more than doubled to RM168.87mil in the second quarter ended June 30 (2Q) compared with RM70.52mil a year ago, supported by stronger operating contributions from most business segments.
Its revenue in 2Q jumped 66.9% year-on-year (y-o-y) to RM1.287bil against RM767.3mil, underpinned by improved revenue performance from all business segments.
Earnings per share for the quarter rose to 2.88 sen from 1.20 sen a year prior.
Sunway said pursuant to the adoption of MFRS 15, development profit from two of the group’s ongoing property development projects in Singapore will only be recognised upon completion and handover of the projects.
It said the accumulated profit of these projects amounted to RM87.5mil, of which RM17.6mil was recorded in the current quarter, was not recognised.
The group declared a first interim single-tier cash dividend of 2.00 sen per ordinary share for the financial year ending Dec 31, 2022 (FY22) and a preferential dividend of 5.25% per annum (based on the issue price of RM1.00) per irredeemable convertible preference shares for the first half, in respect of FY22.
Sunway group chief financial officer Chong Chang Choong said the group expects to continue to benefit from the ongoing economic recovery, particularly its leisure and hospitality segments due to improving domestic tourism demands and higher tourist arrivals.
“In addition, the healthcare segment will also benefit from the recovering medical tourism sector as international travels start to normalise.
“While there may be downside risks to the recovery going forward due to rising inflationary expectations and higher interest rates, the domestic economy is expected to be able to weather the headwinds and sustain its growth momentum.
“Barring any unforeseen circumstances, the financial performance for the group is expected to be satisfactory for FY22,” Chong said.
