Sunway City Kuala Lumpur,24 May 2023
Sunway Berhad (“Sunway” or “Group”) today announced its first quarter financial results for the financial year ending 31 December 2023 (“Q1 FY2023”).
The Group reported revenue of RM1,263.7 million for the current quarter ended 31 March 2023, representing an increase of 13.6%, driven by higher contributions from most business segments except for construction and others segments. Profit before tax (“PBT”) rose 5.3% to RM192.0 million in Q1 FY2023 on the back of higher contributions from property investment and healthcare segments.
In accordance with MFRS 15, the property development profit from two of the Group’s on-going property development projects in Singapore will only be recognised upon completion and handover of the projects. Hence, as at end-March 2023, the accumulated progressive profits related to these projects amounted to RM121.6 million is not yet recognised.
Sunway Group chief financial officer, Chong Chang Choong commented, “The Group registered strong financial performance for the first quarter of 2023, better than the pre-pandemic period, anchored by sustained domestic economic growth. While there may be downside risks to the economic growth outlook, the Group has taken actions to make our business units more resilient to manage the headwinds.
He added, “The Group is cautiously optimistic that most of its business units will continue to perform satisfactorily. In particular, the Group expects its leisure, hospitality, and healthcare segments to continue to benefit from the improving in-bound leisure and medical-related tourism as more international airlines are resuming their flights to Malaysia.”