The property developer has announced its fourth quarter (Q4 FY2022) and twelve months (12M FY2022) financial results for the period ended 30 September 2022.
For 12M FY2022, the Group has achieved a significant increase in sales with cumulative sales of RM850.9 million as compared to the cumulative sales of RM384.8 million recorded in the 12M FY2021.
The stronger sales in 12M FY2022 were mainly due to the enthusiastic market acceptance of the group’s property development projects which include Bangsar Hill Park, Sunsuria Forum (Phase 2), as well as Tangerine Suites at Sunsuria City township.
In Q4 FY2022, Sunsuria’s revenue increased 4.0% year-on-year (YoY) to RM99.9 million as compared to RM95.6 million recorded in the corresponding quarter in the previous year (Q4 FY2021). Meanwhile, profit before tax (PBT) for Q4 FY2022 stood at RM10.9 million while its profit after tax (PAT) was at RM1.4 million. The marginally lower PBT in the quarter was due to higher finance cost charged out as expense when the new project was launched in current year. Property segment contributed RM16.4 million to the Group’s PBT, however partially offset by initial expenses incurred for Healthcare and Education division in current quarter.
For the cumulative 12M FY2022 period, Sunsuria’s revenue rose by 50.0% to RM402.2 million as compared to RM268.7 million registered in the corresponding period last year (12M FY2021).
The improved revenue performance was mainly contributed by Monet Garden at Sunsuria City township as well as from the Group’s on-going projects; Sunsuria Forum (Phase 2), an integrated residential and commercial development at Setia Alam; Tangerine Suites at Sunsuria City township, and Bangsar Hill Park (Block A, D, and E).
In terms of revenue breakdown, projects from Sunsuria City township contributed 43.8%, Sunsuria Forum (Phase 2) at 38.6%, and 17.1% coming from Bangsar Hill Park (Block A, D and E).
PBT decreased to RM35.8 million in FY2022 as compared to RM38.0 million in FY2021, mainly due to lower gross profit margin rising from escalation of raw material, higher labour costs affected by Movement Control Orders (MCO) shut down during the year of 2020 and 2021 and initial expenses incurred for Healthcare and Education division.
As at 30 September 2022, the Group’s unbilled sales stood at RM946.7 million, which will support earnings visibility in the coming financial years.
“Against the backdrop of normalising economic activities and reopened international borders, we are seeing a gradual improvement in consumer sentiment in the property development industry,” Sunsuria’s Executive Chairman Tan Sri Datuk Ter Leong Yap said.
“Having said that, we need to ensure that the timing of our upcoming property launches is well planned to strategically manage our costs and cashflow requirements,” he added.
“We are proactively managing the operating environment challenges such as upward inflationary pressure and rising interest rates by implementing effective supply chain management and value engineering to optimize the cost structure of our project developments,” Tan Sri Datuk Ter Leong Yap remarked.
The Group has recently introduced Seni Residences, a hilltop development comprising 131 landed homes with 2 and 2 1⁄2 storey layouts. Located next to Concord College International School, the launch in November 2022 has been positive with high market acceptance.
Leveraging Sunsuria’s previous acquisition of strategic land banks, the Group is planning to develop an industrial project in Puncak Alam, Selangor.
“Moving forward, we will focus on providing great value propositions in our projects by prioritising the elements of quality and sustainability. We are constantly engaging in healthcare and education sector that add value to our property development projects and act as a key catalyst of our recurring income strategy,” he said.
“Succeeding our collaboration with Concord College International Ltd and Concord College that marks Sunsuria’s entry into the educational space, we are now venturing into the healthcare industry to further enhance the synergistic value of our township developments.”
“We are pleased to be working together with an established partner in the area of healthcare to bring global best practices and methodologies to Malaysia. As Sunsuria envisions creating a liveable and sustainable environment, the integration of educational institutions and healthcare services will act as an important pillar in building a holistic ecosystem for the residents and surrounding community,” he added.
