Sunsuria’s pre-tax profit year-to-date rises 72% to RM79.34 mil for FY2024

• As at 4Q, Sunsuria’s unbilled sales in property development stood at RM0.89 billion, which is set to support the company’s earnings visibility in the near future.

KUALA LUMPUR (Nov 26): Sunsuria Berhad announced yesterday its revenue and pre-tax profit (PBT) of RM627.78 million and RM79.34 million for the 12-month period ended Sept 30, 2024 (12MFY2024).

Sunsuria stated in a media release for 12M FY2024, its PBT grew 72% year-on-year to RM79.34 million from RM46.12 million recorded in the corresponding period a year earlier (12MFY2023).

Meanwhile, revenue rose 24% YoY to RM627.78 million from RM506.20 million in 12MFY2023.

The positive performance in 12MFY2024 was attributed to higher revenue from property development division, which was derived from higher progressive profit recognition from ongoing development projects.

Among the ongoing projects are Tower A, C, D and E in Bangsar Hill Park, Seni Residences in Sunsuria City and Sunsuria Kejora Business Park’s Semi-D Industrial (Phase 1) in Puncak Alam.

For the fourth quarter ended Sept 30, 2024 (4Q), Sunsuria achieved a revenue of RM152.11 million, compared to the RM174.42 million in the corresponding period a year earlier (4QFY2023).

Sunsuria’s PBT in 4Q was 16% higher YoY at RM16.49 million; Sunsuria recorded RM14.19 million in 4QFY2023.

The difference in 4Q revenue YoY was attributed to lower revenue contribution from Forum 2 SOHO and Forum 2 Serviced Apartment, as they were completed and handed over in January and April 2024 respectively.

Sunsuria also recorded RM152.11 million in 4Q revenue, compared to RM170.56 million achieved in the third quarter ended June 30, 2024 (3Q), while it attained a PBT of RM16.49 million in 4Q, versus RM26.85 million in 3Q.

The variance in 4Q revenue quarter-on-quarter was due to Forum 2 Serviced Apartment project’s completion and handover in 3QFY2024. The opening of Concord College International School in September 2024 contributed to the revenue for 4QFY2024 complementing the revenue contribution from property division.

As at 4Q, Sunsuria’s unbilled sales in property development stood at RM0.89 billion, which is set to support the company’s earnings visibility in the near future.

“Heading into 2025, we remain hopeful and cautiously optimistic in leveraging the timing and costing efficiency for project launches. The group is always on the lookout for strategic partnerships to strengthen our growth prospects, as we make inroads into the healthcare and education industries. Embracing innovation, we incorporate healthcare and education into our developments to diversify income generation and to offer exceptional value to our stakeholders,” said Sunsuria group chief executive officer, Tan Wee Bee.

In August, Sunsuria Healthcare – Sunsuria’s healthcare arm – launched the Sunsuria Medical Clinic, a comprehensive primary healthcare facility, in Sunsuria City.

Following the commencement of Concord College International School’s operations in Sunsuria City in September 2024, Sunsuria Education also secured the exclusive rights from Concord College International Limited to establish CCIS campuses in Malaysia, Singapore, Taiwan, Hong Kong, Japan, Republic of Korea, India and other regions across Southeast and South Asia.

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