Sunway Berhad Post RM6.13 Billion Revenue, Highest Since Listing In 2011

Sunway Berhad announced its fourth quarter financial results for the financial year, the group said it posted a record-high revenue since its listing in 2011. For the financial year ended 31 December 2023, the Group’s revenue surged 18% to RM6.13 billion with PBT increasing 9%, from RM909.2 million in the previous financial year to RM993.2 million in FY2023. Profit after tax was at RM737.7 million versus RM668 million recorded in the previous year.

As for the current quarter, the group saw its revenue increase by 22% to RM1.86 billion, which it attributed to higher contributions from its core segments. Correspondingly, PBT rose 18%, from RM296.4 million in Q4 FY2022 to RM350.4 million in Q4 FY2023. The higher profits it said was fueled by the property investment, construction, quarry, trading and manufacturing segments, which more than offset the lower profit contribution from healthcare and others segments.

The property development segment registered revenue of RM499.4 million in Q4 FY2023, representing a growth of 13%. The better performance was underpinned by higher sales and progress billings from local new and ongoing development projects
and the completion and handover of a project. The development profit from one of the Group’s property development projects in Singapore is expected to be recognised upon completion and handover of the project in 1H FY2024. The accumulated progressive profits for the project amounted to RM108.9 million as of the end of December 2023.

The healthcare group recorded a strong EBITDA growth of 33% in FY2023, fueled by strong operational performance at Sunway Medical Centre (“SMC”) Sunway City and SMC Velocity. SMC Penang which commenced operations in November 2022, exceeded expectations and achieved breakeven at the profit after tax level during the current quarter.

The Group declared a single-tier second interim dividend of 3.50 sen per ordinary share for the financial year ended 31 December 2023. For the financial year ended 31 December 2023, the Group declared a total dividend of 5.50 sen per ordinary share, including the first interim dividend of 2.00 sen per ordinary share. In addition, the Group declared a preferential dividend of 5.25% per annum (based on the issue price of RM1.00) per irredeemable convertible preference share (“ICPS”) in respect of the financial period from 1 July 2023 to 31 December 2023.

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