Sunway City Kuala Lumpur, 31 May 2022 – Sunway Berhad (“Sunway” or “Group”) today announced its first quarter financial results (“Q1 2022”) for the financial year ending 31 December 2022.
The Group recorded strong financial performance for the quarter ended 31 March 2022. Revenue increased 31.5% year-on-year (“y-o-y”) to RM1,112.5 million in Q1 2022, underpinned by stronger revenue recorded from most business segments except trading and manufacturing and quarrying. Profit before tax (“PBT”) increased 155.6% y-o-y to RM187.1 million in the current quarter, from RM73.2 million in the corresponding quarter in the previous year.
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 pursuant to MFRS 15. The accumulated profit of these projects amounted to RM69.9 million, of which RM18.2 million was not recognised as at end of the current quarter.
Sunway Group Chief Financial Officer, Chong Chang Choong commented, “We are pleased that the Group’s financial performance continued to strengthen in the current quarter which has benefited from the recovery in the property investment and healthcare segments. This was mainly due to the easing of COVID-19 containment measures and strong pent-up demand.”
He added, “While there may be downside risks to the recovery due to rising inflationary expectations caused by the on-going supply chain disruptions and geopolitical conflicts, the Group is actively managing these risks.”
He concluded, “The Group is optimistic that the financial performance for the remaining period of 2022 will be satisfactory.”
