Sunsuria Berhad (Sunsuria) has just announced their revenue and net profit rose to RM106.03 million and RM7.60 million respectively for the first quarter ended 31st December 2021 (Q1).
Compared to the recorded RM47.94 million revenue and RM5.32 million net profit of the year prior for Q1 FY2021, Sunsuria has seen a mass improvement with a jump in 121% and 43% year-on-year, respectively.
While on Quarter-on-quarter (QoQ), Q1 revenue increased is by 62% from the RM65.50 million recorded in the preceding quarter, Q4 FY2021. Meanwhile, the Q1 net profit has not seen much changes to the RM7.79 million recorded in the previous quarter.
This is an optimistic light on the Group moving forward as they anticipate a gradual recovery in domestic economic growth in 2022.
It is our hope that the government’s fiscal stimulus measures will assist the Malaysian construction and property sectors to gain a stronger foothold this year.Tan Sri Datuk Ter Leong Yap, Executive Chairman of Sunsuria
The higher revenue for Q1 was due to the sales of Sunsuria’s Monet Garden and Monet Springtime projects, with a booster from the latter by its completion in Q1 FY2022. The higher net profit is also derived from the contribution of these two projects.
The contribution from ongoing projects such as Tangerine Suites at Sunsuria City, Sunsuria Forum (Phase 2) @7th Avenue at Setia Alam, and Block D Verdura at Bangsar Hill Park at Lorong Maarof in Bangsar has also aided in the rise in revenue.
For QoQ, the difference seen in the net profit was due to the sale of Sunsuria’s industrial lot in the Mak Mandin Industrial Estate in Penang in Q4 FY2021.
Looking forward, while the pandemic continues to pose a challenge on the economic front, Sunsuria is cautiously optimistic about the future of the property development sector, which is driven by the relaxation of movement restrictions, sustained policy support and growing export demand.
We are proud of our Sunsurians who have demonstrated grit and adaptability in a challenging 2021 – evidenced by our encouraging YoY performance thus far. The Group will continue the path of resilience and prudence in the new normal, sourcing for new potential land bank with good commercial value, and new opportunities to diversify within the property development industry.Tan Sri Datuk Ter Leong Yap, Executive Chairman of Sunsuria