Sunsuria sees revenue increase of 4% year-on-year to RM99.9 million for 4QFY2022

• The improved revenue performance was mainly contributed by Monet Garden at Sunsuria City township as well as from the group’s on-going projects; Sunsuria Forum (Phase 2), an integrated residential and commercial development at Setia Alam; Tangerine Suites at Sunsuria City township, and Bangsar Hill Park (Block A, D, and E).

KUALA LUMPUR (Nov 29): Sunsuria Bhd’s revenue increased 4% year-on-year to RM99.9 million in 4QFY2022 compared to RM95.6 million recorded in the corresponding quarter in the previous year.

Also for the quarter, profit before tax stood at RM10.9 million while its profit after tax was at RM1.4 million.

The marginally lower PBT in the quarter was due to higher finance cost charged out as expense when the new project was launched in current year, Sunsuria stated in a media release.

Property segment contributed RM16.4 million to the group's PBT, which however, was partially offset by initial expenses incurred for healthcare and education division in current quarter.

PBT decreased to RM35.8 million in FY2022 as compared to RM38 million in FY2021, mainly due to lower gross profit margin rising from escalation of raw material, higher labour costs affected by Movement Control Order shut downs during 2020 and 2021 and initial expenses incurred for Healthcare and Education division.

For the cumulative 12MFY2022 period, Sunsuria’s revenue rose by 50% to RM402.2 million compared to RM268.7 million registered in the corresponding period last year.

As at Sept 30, 2022, the group’s unbilled sales stood at RM946.7 million, which will support earnings visibility in the coming financial years.

The improved revenue performance was mainly contributed by Monet Garden at Sunsuria City township as well as from the group’s on-going projects; Sunsuria Forum (Phase 2), an integrated residential and commercial development at Setia Alam; Tangerine Suites at Sunsuria City township, and Bangsar Hill Park (Block A, D, and E).

In terms of revenue breakdown, projects from Sunsuria City township contributed 43.8%, Sunsuria Forum (Phase 2) at 38.6%, and 17.1% coming from Bangsar Hill Park (Block A, D and E).

“Against the backdrop of normalising economic activities and reopened international borders, we are seeing a gradual improvement in consumer sentiment in the property development industry,” said Sunsuria executive chairman Tan Sri Ter Leong Yap.

“Having said that, we need to ensure that the timing of our upcoming property launches is well planned to strategically manage our costs and cashflow requirements. We are proactively managing the operating environment challenges such as upward inflationary pressure and rising interest rates by implementing effective supply chain management and value engineering to optimize the cost structure of our project developments,” Ter added.

The group has recently introduced Seni Residences, a hilltop development comprising 131 landed homes with 2 and 2½-storey layouts.

Located next to Concord College International School, the launch in November 2022 has been positive with high market acceptance.

Leveraging Sunsuria’s previous acquisition of strategic landbank, the group is planning to develop an industrial project in Puncak Alam, Selangor.