Sunway Holdings Bhd posted net profit of RM162.6 million

KUALA LUMPUR: Sunway Holdings Bhd closed the year with a net profit of RM162.6 million, the highest annual profit since the group listing. The previous high was at RM158 million net profit in 1999.

According to a statement released by the group on Monday, Feb 28, the construction division remained as the key contributing segment with stronger margins by its overseas operations, as well as the property development and trading and manufacturing divisions.

Managing director Yau Kok Seng said: "During the year, the group successfully secured new construction orders of approximately RM900 million. Further, the group expects an increase in construction activities with the pick-up in private development activities as well as from the recent announcement of the Budget 2011 and the Economic Transformation Programme."

It outstanding order book currently stands at RM2.4 billion and therefore, the group expects its construction division perform even better. Yau said the group's property unbilled sales stand at about RM470 million from existing property development projects in Malaysia, Singapore and China.

Recently, the group announced its successfull bid for its seventh land bank in Singapore located on Yuan Ching Road, a Design-Build-Sell Scheme by the Housing and Development Board of Singapore.

"Our trading arm with its fortified regional presence as well as diversified earnings stream will provide the group with sustainable earnings. This division is expected to record steady growth in the coming years," added Yau.

The group has recorded one of its most profitable years and is fully confident that this stellar performance will carry on well into 2011 with construction, property development and trading divisions being its key sustainable contributors.