KUALA LUMPUR: Sunway Bhd's net profit rose 21.6 per cent year-on-year (YoY) to RM172.23 million in the first quarter ended Mar 31, 2024 (Q1 2024) from RM141.64 million in the same period led by property and healthcare segments.
Its revenue climbed 12.3 per cent to RM1.42 billion versus RM1.26 billion a year ago attributed to stronger contributions from all business segments.
The property development segment recorded a revenue of RM287.7 million in Q1 2024, a 16 per cent increase compared to the same quarter in the preceding financial year.
This was fuelled by higher sales and progress billings from new and on-going local development projects.
The development profit from one of the group's property development projects in Singapore is expected to be recognised upon completion and handover of the project in Q2.
The accumulated progressive profits for the project amounted to RM120 million as at end-March.
The healthcare segment's pre-tax profit was up 28 per cent to RM36.8 million in Q1 2024 from RM28.8 million in the corresponding quarter in the previous financial year.
The robust performance was underpinned by stronger performance from the three operating hospitals supported by a 34 per cent increase in licensed beds to 1,158.
"The group kicked off the new financial year with optimism, supported by encouraging economic growth in the first quarter of the year.
"The group continues to focus on its core businesses, particularly the healthcare, property development, and construction segments," Sunway Group president Tan Seri Chew Chee Kin said in a statement.
He added that the establishment of the Johor-Singapore Special Economic Zone (JSSEZ) and the Rapid Transit System Link (RTS Link) project between Johor Bahru and Singapore will be catalytic to the economic growth of the southern region, which augurs well for Sunway City Iskandar Puteri.
The healthcare segment's three operating hospitals continue to perform well, with capacity expansion on track to cater to the growing demand for quality healthcare services, he said.
"Two new hospitals, Sunway Medical Centre Damansara and Sunway Medical Centre Ipoh, are scheduled to open in Q4 2024 and Q1 2025 respectively.
"This will add 600 beds capacity progressively. The group is excited over the forthcoming opening of the two new hospitals, which will accelerate the growth trajectory of the healthcare segment," he added.