KUALA LUMPUR: Sunway Construction Group Bhd's (SunCon) net profit surged 54.1 per cent to RM35.01 million in the third quarter ended Sept 30, 2023 (3Q23) from RM22.72 million a year ago, driven by higher revenue.
Its revenue rose 43.5 per cent to RM673.51 million RM469.25 million previously, supported by higher revenue contributions from all segments.
Group earnings per share for 3Q23 came in higher at 2.72 sen compared with 1.76 sen for 3Q22, its Bursa Malaysia filing showed today.
Meanwhile, the group's revenue for the construction segment climbed 40.9 per cent to RM590.5 million in the current quarter, fuelled by enhanced contributions from sustainable energy projects and higher revenue recognition as newer projects progress.
The precast segment recorded a surge in revenue of 65 per cent to RM83.0 million in Q3 2023 underpinned by higher contributions from the Integrated Construction and Prefabrication Hub (ICPH) and several newer projects.
For the nine-month financial period ended Sept 30, 2023 (9MFY23), SunCon's net profit increased to RM95.84 million from RM89.54 million, while revenue increased to RM1.8 billion from RM1.65 billion a year earlier.
Froup managing director Liew Kok Wing said it continues to make strides towards securing data centre and logistics warehouse projects, securing its second data centre and Daiso global distribution centre warehouse projects in 3Q23 totaling RM488 million.
He added that SunCon exceeded its financial year 2023 (FY23) new order book target of RM2 billion, securing RM2.23 billion in new orders for the first nine months of 2023.
"On the international front, one of the group's infrastructure projects in India, the Meensurutti-Chidambaram Highway project is expected to achieve the commercial operations date in Dec 2023.
"Meanwhile, the productivity of the ICPH facilities in Singapore has steadily improved since the official launch of the facilities in July 2023," he said in a separate statement.
Looking ahead, Liew said the group is cautiously optimistic in registering positive growth for FY23 supported by its existing outstanding order book of RM5.8 billion.