KUALA LUMPUR (May 24): Suria Capital Holdings Bhd (KL:SURIA) reported a 39.77% increase in net profit for the first quarter, driven by higher contributions from its core business of port operations.
Net profit for the three months ended March 31, 2024 (1QFY2024) was RM14.86 million, compared with RM10.63 million a year earlier, as quarterly revenue rose 15.44% to RM73.83 million from RM63.95 million.
Moving forward, Suria Capital anticipates that its port operations will remain resilient, bolstered by a stable business environment and robust domestic demand.
The group announced that its wholly owned subsidiary Sabah Ports Sdn Bhd had entered into a conditional share subscription and shareholders agreement with DP World FZE on April 24, in a move to enhance the operational efficiency and development potential of the Sapangar Bay Container Port.
In addition to port operations, Suria Capital is optimistic about its property development projects, as the second phase of its ongoing joint venture with SBC Corp Bhd (KL:SBCCORP) is scheduled to commence this year.
The group has recently signed two conditional joint venture cum shareholders agreements with BEDI Development Sdn Bhd to develop two pieces of land in Kota Kinabalu, with collective net development value of approximately RM4.2 billion, it added.
No dividend was announced in the latest filing.
Shares in Suria Capital were seven sen or 3.55% lower at RM1.90 at Friday’s noon break, giving the group a market capitalisation of RM657.06 million.