Sunway optimistic of 2024 financial performance

Sunway Group President Tan Sri Chew Chee Kin

KUALA LUMPUR: Sunway Bhd is confident of its financial performance for 2024, building from the growth momentum of the previous year, according to president Tan Sri Chew Chee Kin.

“The healthcare segment continues to be one of the main growth drivers for the Group. Its three operating hospitals are expected to perform well, and their expansion as well as new hospitals will add capacity, catering to the demand for quality healthcare and medical tourism.

“In particular, SMC Damansara and SMC Ipoh are on track to commence operations in the fourth quarter of 2024 and the first quarter of 2025 respectively, and will provide additional capacity of up to 600 beds,” he said in a statement.

In the southern region, Chew said the recent developments including the proposed establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) and the group’s recent partnership with Equalbase to develop an RM8bil logistics facility in a first fully carbon-neutral free commercial zone in Sunway City Iskandar Puteri augur well for the township.

Sunway saw its net profit surge 29.8% to RM265.9mil in the fourth quarter ended Dec 31, 2023 (4Q23), driven by a 22% growth in revenue to RM1.87bil from RM1.53bil a year earlier.

For the full financial year ended Dec 31, 2023 (FY23), the conglomerate posted a record high revenue of RM6.14bil since its listing in 2011, up 18% from RM5.2bil a year ago.

Its net profit for the year rose to RM737.8mil compared with RM668.6mil last year.

The group declared a single-tier second interim dividend of 3.50 sen per ordinary share for FY23.

The dividend reinvestment scheme (DRS) will be applied to the entire second interim dividend, in which shareholders may elect to reinvest their entire dividends into new Sunway ordinary shares, in lieu of receiving cash.

Sunway said the details of the DRS, including entitlement and payment dates shall be determined and announced in due course.

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