Sunsuria records 97% YoY increase in pre-tax profit for first nine months of FY2024

• In June, Sunsuria completed its acquisition of an additional 33% stake in Bangsar Hill Park Development Sdn Bhd, which owns and develops the Bangsar Hill Park project. The increase to 84% equity ownership in BHP Development led to an increased contribution to Sunsuria’s 3Q profits.

KUALA LUMPUR (Aug 23): Sunsuria Bhd announced today that its revenue and profit before tax (PBT) were RM170.56 million and RM26.85 million for the third quarter ended June 30, 2024 (3Q).

For the current quarter under review, Sunsuria achieved a revenue of RM170.56 million, growing 31% year-on-year (YoY) from the RM130.09 million recorded in the corresponding quarter a year earlier (3QFY2023).

PBT rose 63% YoY to RM26.85 million from the RM16.51 million in 3QFY2023.

Sunsuria also recorded a 2% growth in revenue quarter-on-quarter (QoQ) to RM170.56 million from RM167.84 million in the second quarter ended March 31, 2024 (2Q), while PBT achieved a 21% hike QoQ to RM26.85 million from RM22.22 million in 2Q.

The positive performance in 3Q revenue was attributed to higher sales and work progress from Towers A, C, D and E in Bangsar Hill Park at Lorong Maarof in Bangsar, Seni Residences in Sunsuria City, Sunsuria Kejora Business Park Phase 1 in Puncak Alam, as well as the mixed development Sunsuria Forum in Setia Alam, stated Sunsuria in a media release.

In June, Sunsuria completed its acquisition of an additional 33% stake in Bangsar Hill Park Development Sdn Bhd, which owns and develops the Bangsar Hill Park project. The increase to 84% equity ownership in BHP Development led to an increased contribution to Sunsuria’s 3Q profits.

For the first nine months ended June 30, 2024, Sunsuria’s revenue year-to-date (YTD) grew 43% YoY to RM475.66 million compared to RM331.78 million recorded in the corresponding period last year. PBT for YTD jumped 97% to RM62.84 million from RM31.94 million in the same period last year.

As at 3Q, Sunsuria’s unbilled sales stood at RM1.02 billion, which is set to support the group’s earnings visibility in the near future.

“Moving forward, we remain prudent in navigating challenges in the nation’s economic landscape by leveraging diligent timing and costing strategies for project launches. We continue to explore opportunities through strategic partnerships to fortify our growth prospects. Integrating healthcare, education, retail and childcare services into our developments creates new income streams while enabling us to harness innovation to deliver outstanding value to our stakeholders,” said Sunsuria’s group CEO Tan Wee Bee.

“Our landbank inventory is expected to grow to 2,004.66 acres with the completion of our Tapah Land acquisition, which has a potential gross development value of RM7.7 billion. This ensures that we have a consistent pipeline of development opportunities,” said Tan.

“Not resting on our laurels, we are constantly looking out for new development opportunities at strategic locations that offer unparalleled connectivity and convenience. Prioritising innovation and customer satisfaction in our offerings, we empower our communities to live their best lives with Sunsuria,” he added.

In 2022, Sunsuria, through its 65%-owned subsidiary Tapah Land Development Sdn Bhd, had entered into three sale and purchase agreement agreements to acquire 17 parcels of leasehold land in Perak, spanning a total of 1,776.63 acres for RM75.5 million.

Sunsuria Bhd​ is one of EdgeProp START’s strategic partners. Talisa​ at Bangsar Hill Park is a development highlighted in this partnership. All Sunsuria homebuyers also get to enjoy rewards worth up to RM18,888.

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