Sunway Construction Group Berhad (SunwayCon) posted positive financial performance for the third quarter ended 30 September 2023 (Q3 2023), with a 27.9% increase of profit before tax (PBT) to RM48.1 million, over the same quarter in the preceding year.
In a statement today (Nov 21), the group said its revenue increased by 43.5% to RM673.5 million in Q3 2023, supported by higher revenue contributions from all segments.
“Revenue for the construction segment climbed 40.9% to RM590.5 million in the current quarter, fueled by enhanced contributions from sustainable energy projects and higher revenue recognition as newer projects progress while PBT rose correspondingly to RM41.6 million, an increase of 18.9% over the same quarter in the previous year.
“The precast segment recorded a surge in revenue of 65.0% to RM83.0 million in Q3 2023 underpinned by higher contributions from the Integrated Construction and Prefabrication Hub (ICPH) and several newer projects.
“For the segment, PBT rose more than doubled from RM2.6 million in Q3 2022 to RM6.5 million in Q3 2023 on the back of higher revenue and reversal of provision for completed projects,” it said for the announcement of its Q3 2023 results.
SunwayCon group managing director Liew Kok Wing applauded the government for its commitment to ensure the continuity of ongoing projects and previously announced initiatives in Budget 2024.
“The infrastructure projects will serve as catalysts for the construction industry,” he said.
Liew said the group continues to make strides towards securing data center and logistics warehouse projects, securing its second data center and Daiso global distribution center warehouse projects in Q3 2023 totaling RM488 million.
“We exceeded our FY2023 new order book target of RM2 billion, securing RM2.23 billion in new orders for the first nine months of 2023.”
He added: “On the international front, its Meensurutti-Chidambaram Highway project in India is expected to achieve the commercial operations date in December 2023 while the productivity of the ICPH facilities in Singapore has steadily improved.”
“Looking ahead, the group is cautiously optimistic in registering positive growth for FY2023 supported by its existing outstanding order book of RM5.8 billion.”