Sunsuria’s Stake In BHP Raised To 84%

Sunsuria Berhad announced its second quarter and six months financial results for the period ended 31 March 2024. in 1H FY2024, the group recorded a 51.3% year-on-year revenue growth to RM305.1 million from RM201.7 million in the corresponding period last year (“1H FY2023”).

This was primarily driven by the construction progress for its on-going projects, in tandem with higher revenue contribution profit before tax rose 133.3% YoY to RM36.0 million from RM15.4 million last year. With that, the Group also recorded a higher PBT margin of 11.8% in 1H FY2024 as compared to 7.7% previously.

Meanwhile, the net profit attributable to owners of the Company (“PATAMI”) stood at RM6 million as compared to RM5.9 million last year. The lower PATAMI growth rate as compared to PBT growth rate is due to the higher profit attributable to minority interest as the Bangsar Hill Park project is carried out by a 51%-held subsidiary.

On 29 January 2024, Sunsuria announced the proposed acquisition of additional 33.0% equity interests in Bangsar Hill Park Development Sdn Bhd (“BHP Development”), a property development company that owns and develops the Bangsar Hill Park Development project with a total GDV of approximately RM2.9 billion.

Commenting on the Group’s performance, Sunsuria’s Group Chief Executive Officer, Mr. Tan Wee Bee highlighted, “We are pleased to report another set of healthy financial performance. This further supports our optimism for the property development sector, driven by positive Malaysia economic growth forecasts, favourable government policies, and the rollout of major infrastructure projects.

Following the approval of the Proposed Acquisition from its shareholders at the Extraordinary General Meeting held today, Sunsuria’s ownership in BHP Development will increase to 84% upon completion of the exercise. This it said will enable further consolidation of BHP Development’s financial performance, leading to an increased contribution to Sunsuria’s net profit from third quarter onwards.

On quarterly performance, Q2 FY2024 revenue climbed 36.7% YoY to RM167.8 million, up from RM122.8 million in previous year’s corresponding quarter (“Q2 FY2023”). This growth was attributable to the progress in construction work for both ongoing and newly launched projects, along with sales of completed inventories.

During the quarter, Sunsuria’s PBT more than doubled to RM22.2 million as compared to RM10.9 million in Q2 FY2023 while net profit stood at RM4.3 million.

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