Suria Capital Holdings Berhad has announced its first quarter financial results recording a 4% year-on-year (“YoY”) increase in total revenue to RM59.3 million in 1QFY23 from RM57.3 million in the corresponding quarter.
The group said the increase was attributable to higher contributions from the Port Operations Division, SuriaGroup’s core business, which contributed 97% of total revenue during the quarter.
1QFY23 profit before tax (“PBT”) declined by 19% to RM14 million from RM17.4 million in 1QFY22 due to lower interest income and higher finance costs. In line with lower PBT, 1QFY23 net profit decreased to RM10.6 million from RM13.9 million in 1QFY22.
The Port Operations Division recorded a 7% YoY increase in revenue, growing to RM57.7 million in 1QFY23 from RM53.9 million in the corresponding quarter in the previous financial year. The top-line growth the group said was primarily driven by higher crane hire charges and revenue generated from transshipment activities, which were not present in 1QFY22. Correspondingly, PBT of this segment rose 11% YoY to RM14.9 million from RM13.5 million in 1QFY22.
In January 2023, SPSB received approval from the State Cabinet to enter a strategic collaboration with DP World (“DPW”), a leading provider of worldwide smart end-to-end supply chain logistics. The key areas of the collaboration are the management and operation of SBCP as well as the investment in logistics and supply chain infrastructure in Sabah.
The Group maintains a positive outlook for its Property Development Division, with anticipated commencement of the Second Phase of Jesselton Quay in 2023. Upon completion in 2030, this development is expected to make a positive contribution to the Group’s bottom-line.
The Investment Holding and Logistics and Bunkering Services Divisions contributed a combined revenue and PBT of RM3.3 million and RM1.4 million respectively in 1QFY23
