KUALA LUMPUR (Nov 26): Sunway Bhd (KL:SUNWAY) posted a net profit of RM376.08 million for the third quarter ended Sept 30, 2024 (3QFY2024), more than doubled than a year ago when it registered RM180.3 million, on stronger operating performance across its core businesses.

This led to higher earnings per share of 5.28 sen for 3QFY2024 compared with 2.61 sen for 3QFY2023.

Revenue for the quarter rose 31.8% to RM2.03 billion from RM1.54 billion a year earlier, on better performance from all segments except quarry, its filing with the stock exchange showed on Tuesday.

There was no dividend declared for the quarter under review.

Sunway said the property development segment posted a 60.1% increase in revenue to RM495.7 million in the current quarter, underpinned by higher sales and progress billings from new and on-going local property development projects.

The segment’s profit before tax (PBT) surged 162.9% during the quarter than a year ago to RM185.1 million, following the recognition of an accumulated development profit of approximately RM124 million from its executive condominium development Parc Central Residences in Singapore.

Meanwhile, the planned opening of Sunway Medical Centre Damansara in December 2024 and Sunway Medical Centre Ipoh in the first quarter next year will expand the group’s healthcare portfolio to five hospitals, increasing the total bed capacity of close to 2,500 beds.

Accelerated progress in data centre projects had benefitted Sunway, with its construction segment reported a 44% increase in revenue to RM610.7 million and 36.6% in PBT to RM69.8 million respectively, during the quarter from a year ago.

The group’s order book replenishment has risen to RM4.028 billion and has reached its 2024 order book replenishment target of RM4 billion to RM5 billion.  

For the cumulative nine-month period (9MFY2024), Sunway’s net profit grew 73.5% to RM818.78 million compared to RM471.87 million previously, due to improved operating performance across most business segments, except for the trading and manufacturing segment, while revenue rose 17.7% to RM5.03 billion from RM4.27 billion a year earlier.

This came with the recognition of a fair value gain of RM62.4 million from the redemption of an investment, as well as a share of fair value gain of RM27 million from newly acquired investment properties of an associate company of the group.

“The group is confident of its performance for the financial year, contributed by better performance from all segments,” said Sunway Group president Tan Sri Dr Chew Chee Kin in a separate statement.

The group’s healthcare segment is well-positioned to ride on the growth momentum and is preparing for the proposed initial public offering of Sunway Healthcare Group,” he added.

Sunway also said that it plans to launch its second executive condominium development in Tengah, Singapore in 2025.

At the close of trade, Sunway’s share price was down eight sen or 1.59% at RM4.94, valuing the group at RM28.33 billion. Year-to-date, the stock has risen 139.81%.