KUALA LUMPUR (Nov 22): Sunway Bhd’s net profit in the third quarter ended Sept 30, 2023 (3QFY2023) grew by 8.76% to RM180.3 million from RM165.78 million a year ago, supported by higher contribution from its core business segments.

The group, which is involved in property development, property investment, construction, trading and manufacturing, quarrying, and other businesses, reported that earnings per share rose to 2.61 sen from 2.39 sen, its Bursa Malaysia filing on Wednesday showed.

The group said its quarterly revenue expanded by 21.14% to RM1.54 billion from RM1.27 billion in 3QFY2022, mainly due to higher contribution from most business segments, except for the property development division.

For the nine months ended on Sept 30 (9MFY2023), the group’s net profit increased by 1.74% to RM471.87 million from RM463.78 million registered in the same period last year, underpinned by a 16.67% in revenue to RM4.27 billion compared with RM3.66 billion in 3QFY2022.

On a quarterly basis, the group’s net profit came in higher from RM149.93 million in the immediate preceding quarter (2QFY2023) while revenue rose 4.76% from RM1.47 billion in 2QFY2023.

Sunway’s group president Tan Sri Datuk Chew Chee Kin said the group is optimistic that the financial performance for the financial year 2023 (FY2023) will be satisfactory.

“The group’s healthcare segment continues to be the group’s key growth driver, underpinned by robust growth at its three existing hospitals and new hospitals in the pipeline.

“In particular, Sunway Medical Centre Damansara and Sunway Medical Centre Ipoh, which will be launched in 4Q2024 and 1Q2025 respectively, will provide future earnings growth. In addition, the leisure, hospitality and healthcare segments will benefit from several key initiatives announced at the Budget 2024.”

For the longer term, the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) will augur well for the Group’s flagship township development, Sunway City Iskandar Puteri, which is strategically located between Puteri Harbour and the Second Link to Singapore,” he said.

Shares in Sunway settled four sen or 2.02% lower at RM1.94, giving it a market capitalization of RM9.71 billion.

Since the beginning of the year, the stock has declined by 22.78%.