SUNWAY Bhd recorded a 140% increase in its net profit for the first quarter of 2022 (1Q22) with RM140.11 million compared to the same period a year ago.
Its revenue increased 31.5% year-on-year to RM1.11 billion in 1Q22, underpinned by stronger revenue recorded from most business segments except trading and manufacturing and quarrying.
Profit from two of the group’s ongoing property development projects in Singapore will only be recognised upon completion and handover of the projects pursuant to the Malaysian Financial Reporting Standard 15.
The accumulated profit of these projects amounted to RM69.9 million, of which RM18.2 million was not recognised at the end of the current quarter.
“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,” Sunway Group CFO Chong Chang Choong said.
“This was mainly due to the easing of Covid-19 containment measures and strong pent-up demand.”
He said while there may be downside risks to the recovery due to rising inflationary expectations caused by the ongoing supply chain disruptions and geopolitical conflicts, the group is actively managing these risks.
“The group is optimistic that the financial performance for the remaining period of 2022 will be satisfactory.” — Bernama / pic source: sunwayconstruction.com.my