Sunway (SUNWAY) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 revenue rose 26.4% year-over-year to RM2.6 billion, driven by strong performance in most segments except property development and healthcare.

• Profit before tax increased 3% year-over-year to RM476.4 million, with higher contributions from most segments but offset by property development and healthcare.

• PATMI declined 10% year-over-year to RM338.1 million, reflecting lower profitability in certain segments.

• For the nine months ended 30 September 2025, revenue increased 49% year-over-year to RM7.49 billion, and profit before tax rose 14% to RM1.18 billion.

Financial highlights

• Construction segment revenue surged 92.3% to RM1.2 billion, with PBT up 73.9% to RM121.3 million, fueled by data centre project progress.

• Healthcare segment PBT was RM51.4 million, down from RM63.0 million, impacted by start-up losses at new hospitals; excluding these, PBT rose 19.4% year-over-year to RM75.3 million.

• Property development revenue was RM380.9 million and PBT RM55.1 million, compared to RM495.7 million and RM185.1 million last year, with prior year boosted by a one-off RM124.0 million profit.

• Net assets per share rose to RM2.34 from RM2.25 at end-2024.

• Total borrowings increased to RM12.42 billion from RM10.55 billion a year ago.

Outlook and guidance

• Management expects to benefit from Malaysia's resilient economy, ongoing structural reforms, and investments in special economic zones.

• Property development outlook is supported by robust sales and unbilled sales of RM3.1 billion and RM5.2 billion, respectively.

• Healthcare segment expects continued growth from bed capacity expansion and medical tourism; SMC Damansara achieved maiden EBITDA breakeven in August 2025.

• Construction segment secured RM3.9 billion in new orders, achieving 65% of its 2025 order-book target.

• The group remains on track for a strong full-year performance.