News: Sunsuria Posts Q1 Revenue Of RM47.9 Million, Declares Two Sen Interim Dividend

Mar 5, 2021

Sunsuria Berhad (“Sunsuria”) announced its revenue and net profit of RM47.9 million and RM5.3 million respectively for the current quarter under review.

For the three months ended 31st December 2020 (“Q1”), Sunsuria achieved marginally higher revenue of RM47.9 million compared to the RM47.5 million recorded in the previous year’s corresponding quarter (“Q1 FY2020”).

Revenue for the preceding quarter ended 30th September 2020 (“Q4 FY2020”) was at RM61.3 million. Sunsuria has declared an interim single-tier dividend of 2 sen per share for the financial year ending 30th September 2021, payable on 31st March 2021.

The dividend pay-out will total RM17.92 million. The Group’s ongoing property developments include Monet Springtime, Monet Garden Townhouses and Villa, Giverny Walk dual frontage shop offices and Tangerine Suites at Sunsuria City, as well as The Forum 2 at Setia Alam.

Check out our honest review on Tangerine Suites at Sunsuria City here. 

Net profit for Q1 was at RM5.3 million as opposed to the RM9.2 million recorded in the preceding quarter. Meanwhile, Sunsuria achieved a net profit of RM9.1 million in the previous year’s corresponding quarter.

The difference in Q1 revenue and net profit year-on-year was attributed to the contribution of the Bell Suites SOHO & Retail project in Q1 FY2020. Bell Suites SOHO & Retail was completed in April 2020.

Meanwhile, Sunsuria Forum 2 serviced apartments and Monet Springtime in Sunsuria City contributed a total revenue of RM23.9 million to the Group’s revenue in Q4 FY2020, resulting in a higher revenue of RM61.3 million and higher net profit of RM9.2 million in the preceding quarter.

“While construction activities are permitted to continue under the current Movement Control Order, the adverse effects of the pandemic linger on in the form of job insecurity and dampened consumer sentiment.

Against this backdrop, the Group still achieved a marginal increase in revenue year on-year – reflecting our customers’ continual trust in the Sunsuria brand, as well as the effectiveness of our cost-cutting initiative last year,” said Sunsuria’s Executive Chairman Tan Sri Datuk Ter Leong Yap.

“We continue to exercise prudence in spending and growing our land banks to capitalise on future growth prospects. With the completion of the Conditional Shares Subscription and Shareholders’ Agreement on the proposed Bangsar Hill Park project, we look forward to a better year ahead. We are also exploring more innovative product offerings and new business ventures, as we continue to push the envelope in delivering value to our stakeholders in this pandemic,” said Ter.

On 2nd October 2020, the Company entered into an agreement to venture into the development of Bangsar Hill Park, a high-rise residential project along Lorong Maarof. With an estimated gross development value of RM3.01 billion, the proposed project involved a Conditional Shares Subscription and Shareholders’ Agreement with Bangsar Hill Park Development Sdn Bhd, Suez Capital Sdn Bhd, Dasar Temasek Sdn Bhd and Sunsuria KL Sdn Bhd.

The acquisition is expected to contribute positively to the long-term earnings of the Group through income contribution from the development project, as well as opportunities for the Group’s construction arm to tender for construction contracts to develop Bangsar Hill Park.

Strengthening its value proposition, the Group ventured into the healthcare business last year via a joint-venture agreement with Boren Healthcare, a homegrown group of healthcare providers that provides luxury medical care, ranging from aesthetics, dentistry, and general medicine to postpartum confinement care.

With the strategic partnership, the Group aims to provide its customers with the convenience of having quality healthcare at their doorstep. The Group is currently awaiting the official letter of approval before commencing operations.

 

Have a question about the property market? Post them on AskGuru and let our experts help you!

spacer
agent image
agency logo
Cindy Wai
Senior Real Estate Negotiator
REN: 04611
REAPFIELD PROPERTIES (HQ) SDN. BHD.
sgp50@yahoo.com
+6012-5334172
60378031590