Sunway City Kuala Lumpur,23 August 2023
Sunway Construction Group Berhad (Sunway Construction or Group) is pleased to announce its financial results for the quarter ended 30 June 2023.
Unaudited financial results for the period from 1 April 2023 to 30 June 2023 (Q2 FY2023)
Sunway Construction registered an increase in revenue of 8.3% to RM604.1 million in Q2 FY2023 on the back of improved revenue from all segments. The Group’s profit before tax (PBT) stood at RM42.3 million in the current quarter.
Revenue for the Construction segment increased 2.4% from RM523.0 million to RM535.6 million, lifted by improved progress for newer projects. PBT in the same quarter in the preceding year of RM41.1 million compared to RM39.1 million in the current quarter was due to finalisation of accounts for completed projects in the previous year.
Revenue for the Precast segment climbed 96.3% to RM68.5 million in Q2 FY2023 underpinned by increased progress in Integrated Construction Precast Hub (ICPH) projects. PBT surged correspondingly to RM3.2 million in the same quarter, representing a jump of 68.4%.
Sunway Construction continued to make encouraging progress in replenishing its order book. The Group has secured RM1.6 billion in new contracts for the first half of the financial year 2023, representing 80% of its new order book target for FY2023.
Sunway Construction Group Managing Director Liew Kok Wing commented, “The Group sees increasing opportunities in sustainable and renewable energy segments. The National Energy Transition Roadmap (NETR) which is aimed to expedite energy transition is expected to lead to higher demand for renewable energy. Sunway Construction has recently secured a 29.9MW quota under the Corporate Green Power Programme from the Energy Commission.”
He added, “In addition, the Green Lane Pathway introduced by Tenaga Nasional Berhad augurs well to attract more data centre investors into Malaysia. The prospect for the construction sector is further boosted by foreign direct investments, in particular investments into logistics warehouses and semiconductor manufacturing. SunCon, through strategic partnerships, has actively participated in several tenders within these sectors and is currently awaiting the outcomes of these tender bids.”
He concluded, “Sunway Construction continues to provide strong earnings visibility with an outstanding order book of RM5.8 billion as at 30 June 2023. Looking ahead, the Group is cautiously optimistic of registering positive growth in FY2023.”