Sunway 3Q profit up 8.75% to RM180.30mil

KUALA LUMPUR: Sunway Bhd’s net profit rose 8.75 per cent to RM180.30 million in the third quarter (3Q) ended Sept 30, 2023 from RM165.78 million a year earlier.

Revenue soared to RM1.54 billion from RM1.27 billion previously, fueled by higher contributions from its core business segments, the group said in a filing with Bursa Malaysia today.

Sunway Group president Tan Sri Chew Chee Kin said its strong financial performance in the 3Q reflects Malaysia’s economic resilience and is optimistic that the 2023 financial year will be satisfactory.

"The group’s healthcare segment continues to be its key growth driver, underpinned by robust growth at its three existing hospitals.

"In particular, Sunway Medical Centre Damansara and Sunway Medical Centre Ipoh, which will be launched in 4Q 2024 and 1Q 2025, respectively, will provide future earnings growth. In addition, the leisure, hospitality and healthcare segments will benefit from several key initiatives announced during Budget 2024," he said.

Chew added that over the longer term, the setting up of the Johor-Singapore Special Economic Zone will augur well for Sunway City Iskandar Puteri, the group’s flagship township development located between Puteri Harbour and the Malaysia-Singapore Second Link.

"This special economic zone leverages the strength of both countries to foster cross-border flow of goods, investments and people,” he added. - Bernama

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