Sunway (SUNWAY) Q4 2024 earnings summary

Executive summary

• FY2024 revenue reached a record RM7,882.5 million, up 28.5% year-over-year, with profit before tax rising 53.4% to RM1,524.1 million, driven by strong performance across property development, construction, and healthcare.

• Q4 FY2024 revenue surged 53.1% year-over-year to RM2,854.6 million, with profit before tax up 40.9% to RM493.7 million.

• Growth was led by property development, construction, and healthcare, with margin improvements in quarry and trading/manufacturing.

Financial highlights

• Net profit attributable to owners for FY2024 was RM1.15 billion, up 56.4% year-over-year.

• Basic EPS for FY2024 was 16.74 sen, up from 11.56 sen in FY2023.

• Net assets per share increased to RM2.25 as of 31 December 2024.

• Cash and bank balances increased to RM4.36 billion, with total borrowings at RM10.88 billion.

• Second interim dividend of 4.00 sen per share declared for FY2024.

Outlook and guidance

• Positive outlook for FY2025, supported by robust property launches in Johor and Singapore, and strong construction orderbook targeting RM4.5–6.0 billion in new orders.

• Property development segment targets RM4.1 billion in launches and RM3.6 billion in sales for 2025.

• Healthcare segment to expand with new hospital openings, targeting 2,500 beds by mid-2025 and preparing for IPO.

• SMC Ipoh healthcare facility to launch in Q2 2025.