SunCon 4Q net profit dips to RM45.6mil

Sunway Construction group managing director Liew Kok Wing

PETALING JAYA: Sunway Construction Group Bhd (SunCon) is cautiously optimistic of registering positive growth for the financial year ending 2023, based on its existing order book.

In a filing with Bursa Malaysia, the company said its outstanding order book stands at RM5.3bil, with RM2.6bil new order secured up to December 2022.

For its fourth quarter ended Dec 31, 2022, SunCon’s net profit dipped to RM45.65mil from RM64.73mil previously, while revenue dropped to RM503.43mil from RM626.61mil a year earlier, due to lower contribution from its construction segment.

Basic earnings per share stood at 3.54 sen, versus 5.01 sen previously.

For the financial year ended Dec 31, 2022, net profit rose to RM135.18mil from RM112.59mil, while revenue improved to RM2.16bil from RM1.73bil previously, due to improved earnings in the group’s construction and precast segments.

Group managing director Liew Kok Wing said: “We are pleased to deliver a set of stellar financial results, with a record pre-tax profit in FY22. Notwithstanding that, the group also surpassed its FY22 new order book target to end the year at RM2.6bil, compared to our target of RM2bil.”

“We continue to make good progress in our regionalisation and new business expansion efforts. The group has recently secured our maiden hyperscale data-centre project valued at approximately RM1.7bil in Sedenak Tech Park, Johor.”

SunCon declared a second interim single-tier dividend of 2.50 sen per ordinary shares for FY22. Total dividend declared for the financial year increased to 5.50 sen, compared to 5.25 sen in FY21.