Sunway Construction 3Q Profit Before Tax Is Up By 54%

Revenue for the Precast segment more than tripled to RM50.3 million for the quarter under review, compared to RM16.3 million in the same quarter in the previous year.

Sunway Construction 3Q Profit Before Tax Is Up By 54%
In the same quarter in the preceding year, the Group reported revenue and PBT of RM272.1m - Pix Provided

Sunway City Kuala Lumpur, 22 November 2022 – Sunway Construction Group Berhad (Sunway Construction or Group) is pleased to announce its financial results for the quarter ended 30 September 2022 (Q3 FY2022).

Sunway Construction registered encouraging financial performance in the current quarter. Revenue surges 72.5% year-on-year (y-o-y) to RM469.3 million in Q3 FY2022 underpinned by improved performance across all segments.

World Halal Summit Mints Soulbound NFTs for Attendees
This year’s primary theme is “For a Sustainable Trade: Explore All the Aspects of the Halal Industry”. Topics that will be covered at the summit’s many keynote addresses and panel discussions include current trends in the halal sector and new directions in the halal market.

Correspondingly, profit before tax (PBT) jumped 53.6% y-o-y to RM37.6 million for the same period. In the same quarter in the preceding year, the Group reported revenue and PBT of RM272.1 million and RM24.5 million respectively.

Revenue for the Construction segment increased from RM255.8 million in Q3 FY2021 to RM419.0 million in Q3 FY2022, representing an increase of 63.8% y-o-y. The better performance in the current quarter was due to normalisation of works at full capacity pursuant to transition of the economy into the endemic phase.

In the same quarter last year, the economy was under the Movement Control Order 3.0 (MCO 3.0) which was operating under restricted condition and dependent on the progress of vaccination rates. PBT rose 30.1% y-o-y to RM35.0 million in Q3 FY2022, from RM26.9 million in the corresponding quarter in the preceding year.

Meanwhile, revenue for the Precast segment more than tripled to RM50.3 million for the quarter under review, compared to RM16.3 million in the same quarter in the previous year.

PBT turnaround to RM2.6 million in Q3 FY2022, from loss before tax of RM2.4 million in Q3 FY2021. In the same quarter last year, the financial performance was adversely affected by the closure of the Group’s precast plants in Johor due to lower vaccination rate achieved in Johor.

Liew-Kok-Wing 

Sunway Construction Group Managing Director Liew Kok Wing commented, “We are heartened that the outlook for the construction sector in Malaysia is making reasonable headway in mega infrastructure investments as well as increased demand in e-commerce, cloud computing and microchips that has given rise to the need for more factories, warehouses and data centres amidst gradual easing of foreign labour shortage.”

He concluded, “Barring any unforeseen circumstance, the Group is cautiously optimistic of registering a positive growth in FY2022 supported by our strong existing outstanding order book.”