Sunway said the robust financial performance was bolstered by stronger operating performances across all its business segments.
PETALING JAYA: Sunway Bhd
reported all-time high revenue of RM7.88bil in its financial year ended Dec 31, 2024 (FY24), representing a 28.5% increase from the previous financial year.
Net profit in FY24 rose to RM1.15bil from RM737.87mil in the previous corresponding period.
In a statement, Sunway said the robust financial performance was bolstered by stronger operating performances across all its business segments.
“For the fourth quarter ended Dec 31, 2024 (4Q24), Sunway’s revenue increased 53.1% to RM2.85bil, while net profit rose to RM335.47mil from RM266mil in the previous corresponding period.”
Sunway said its property development segment’s revenue increased 63.4% to RM809.6mil in 4Q24, compared with RM495.5mil in 4Q423.
“The property development segment’s strong performance was driven by higher sales and progress billings from on-going local development projects, and the fair-value gain from revaluation of a property.”
Earlier this month, the conglomerate’s subsidiary Sunway Integrated Properties Sdn Bhd entered an agreement with Mass Rapid Transit Corp Sdn Bhd to develop the Bukit Chagar integrated development on 1.7ha of land near a station for the Johor Baru-Singapore Rapid Transit System Link.
The project has an estimated gross development value of RM2.6bil.
Sunway said its healthcare segment also performed well in the quarter under review, anchored on strong operational performance from Sunway Medical Centre Sunway City, SMC Velocity and SMC Penang.
Meanwhile, the construction segment doubled its revenue to RM1bil in 4Q24 from RM532.8mil in 4Q23.
“The significant increase in the construction segment’s contribution was primarily driven by the accelerated progress on data-centre projects.
“The construction segment achieved order-book replenishment of RM4.2bil last year, which was within its target range of RM4bil to RM5bil.
“For the year ahead, the construction segment has set a target for order-book replenishment of RM4.5bil to RM6bil.”
The group declared a second interim dividend of four sen per ordinary share, bringing the total dividend to six sen per ordinary share for FY24.
In addition, the group declared a preferential dividend of 5.25% a year (based on the issue price of RM1) per irredeemable convertible preference share in respect of the financial period from July 1, 2024 to Dec 31, 2024.
