23/11/2023 (Malaysia) - Sunway Bhd has reported a significant increase in its net profit for the third quarter ending September 30, 2023. The company's net profit rose by 8.75% to RM180.3 million, compared to RM165.78 million recorded in the same period last year.
The company's revenue saw a substantial jump, reaching RM1.54 billion, up from RM1.27 billion. This increase was primarily driven by higher contributions from its core business segments, as stated in a recent announcement to Bursa Malaysia.
Tan Sri Chew Chee Kin, President of Sunway Group, attributed this strong financial performance to the resilience of the Malaysian economy. He expressed optimism about the fiscal year 2023, foreseeing satisfactory outcomes. "The healthcare segment continues to be a major growth driver, supported by robust growth in our three existing hospitals," he said.
He highlighted the future revenue growth potential from the upcoming Sunway Damansara Medical Centre and Sunway Ipoh Medical Centre, set to launch in the fourth quarter of 2024 and the first quarter of 2025, respectively. Additionally, the leisure, hospitality, and healthcare segments are expected to benefit from several major initiatives announced in the 2024 Budget.
In a long-term perspective, Chee Kin noted the establishment of the Johor-Singapore Special Economic Zone, which will support Sunway City Iskandar Puteri, a major urban development project of the group. This zone aims to enhance cross-border flows involving goods, investments, and people, leveraging the strengths of both Malaysia and Singapore.