Property developer, Sunsuria Berhad (“Sunsuria”) has announced its financial results for the third quarter (“Q3 FY2023”) and nine months (“9M FY2023”) period ended 30 June 2023.
During the financial year, Sunsuria remained focused on increasing the sales and ensuring timely construction work progress of on-going projects which include Bangsar Hill Park, Tangerine Suites at Sunsuria City, as well as Sunsuria Forum (Phase 2) in Setia Alam.
The Group also launched two new projects this year, notably Seni Residences at Sunsuria City and Sunsuria Kejora Business Park (Phase 1), a semi-detached industrial development in Puncak Alam which has contributed to the overall revenue improvement of the Group.
In Q3 FY2023, revenue rose 6.2% year-on-year (“YoY”) to RM130.1 million, up from RM122.5 million. The increase in revenue is attributed to construction work progress from on-going projects and newly launched projects.
Revenue during the quarter was primarily contributed by the mixed integrated development, Sunsuria Forum (38.9%), Bangsar Hill Park (32.4%), and Sunsuria City projects (26.0%).
During the quarter, Sunsuria recorded profit before tax (“PBT”) of RM16.5 million in Q3 FY2023 as compared to RM4.9 million in Q3 FY2022. The Company recorded net profit attributable to owners for the quarter of RM6.8 million, as compared to RM4.2 million previously.
For the cumulative 9M FY2023 period, revenue rose by 9.7% to RM331.8 million as compared to the corresponding period last year (“9M FY2022”). This was attributed to construction work progress from on-going projects and newly launched projects.
During the period, the Group also recognised sale of completed inventories including Monet Garden and Giverny Walk at Sunsuria City, as well as Sunsuria Forum (Phase 1) in Setia Alam.
Corresponding to the revenue increase, the PBT during 9M FY2023 increased from RM24.9 million to RM31.9 million. Nonetheless, net profit attributable to owners came in lower at RM12.7 million as compared to RM14.5 million last year.
As at 30 June 2023, Sunsuria’s unbilled sales stood at RM983.3 million. With construction works progressing as scheduled, the gradual progress billing throughout the construction period will enhance the Group’s earnings visibility in the near future.
Sunsuria Executive Chairman Tan Sri Datuk Ter Leong Yap said, “Looking ahead, the continued support from the Malaysian Government aimed at enhancing affordability to promote homeownership presents a positive outlook for the property sector. In alignment with this vision, we have strengthened our landbank, featuring a developable area of 2,052.3 acres with a potential indicative GDV of RM8.0 billion. With this sizeable landbank, we are able to continually tap into a steady flow of development prospects, ensuring sustainable revenue and income over the long term.”
“Committed to creating intelligent, livable, and sustainable environments, we are actively exploring strategic partnerships to foster growth and diversify revenue sources. By integrating retail, education, and healthcare elements into our projects, we aim to create new avenues of recurring income and enhance the overall value proposition of our developments.”
Further to the collaboration with Concord College International Ltd and Concord College, UK as an exclusive partner in ASEAN, Sunsuria will be building Concord College International School, the first South East Asia campus in Sunsuria City. Construction of the campus is progressing according to the plan and targeted to complete by December 2023.
In addition, the launch of Sunsuria Care Hub in March 2023 provides residents of Sunsuria City accessibility and convenience to community healthcare services.
Manned by trained nurses and medical assistants, this initiative aims to cultivate health and wellness amongst the community. The Group has plans to expand this initiative by establishing Care Hubs in other developments, including the Bangsar Hill Park project.
On a quarter-on-quarter (“QoQ”) basis, Sunsuria’s revenue and net profit grew by 5.9% and 39.5%, respectively, in Q3 FY2023. This growth was primarily driven by the sales from completed inventories, ongoing projects as well as newly launched projects.
