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Market Daily Report: Bursa Malaysia Ends Higher, CI Up 1.10 Pct

KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst.  IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
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Sunway Achieves Record Revenue for FY2024, Declares Four Sen Second Interim Dividend

Financial Highlights

  • 4QFY2024 net profit surged 26% YoY to RM335.47 million, driven by strong contributions from construction, property development, and trading & manufacturing divisions.
  • Quarterly revenue jumped 53% YoY to RM2.85 billion, up from RM1.87 billion in 4QFY2023.
  • Earnings per share (EPS) rose to 5.03 sen, from 4.39 sen previously.
  • Declared a second interim dividend of four sen per share, bringing the total FY2024 dividend to six sen per share.

Record-Breaking Full-Year Performance

  • FY2024 net profit grew 56% YoY to RM1.15 billion, the highest in three years.
  • Annual revenue hit an all-time high of RM7.88 billion, marking a 28% increase from RM6.14 billion in FY2023.

Segment Performance (4QFY2024)

1. Property Development

  • Revenue soared 63.4% YoY to RM809.6 million, driven by higher sales and progress billings from local projects.
  • Profit before tax (PBT) more than doubled to RM162.5 million from RM69 million a year earlier.

2. Construction

  • Revenue doubled to RM1.1 billion from RM532.8 million.
  • PBT rose 86% to RM116.7 million, supported by accelerated progress in data centre projects.
  • Achieved RM4.2 billion in new contracts in 2024 and set a FY2025 target of RM4.5 billion to RM6 billion.

3. Healthcare

  • PBT surged 60.7% YoY to RM67 million, backed by strong performances from Sunway Medical Centre (SMC) Sunway City, SMC Velocity, and SMC Penang.
  • Newly launched SMC Damansara raised the group's total licensed beds to 1,396.
  • SMC Ipoh set to launch in 2QFY2025.

Strategic Expansion & Future Outlook

  • Sunway remains optimistic about the Malaysia and Singapore property markets.
  • Plans to launch more projects in Sunway City Iskandar Puteri and Johor Bahru, capitalizing on the Johor-Singapore Special Economic Zone.
  • Signed a master agreement with MRT Corp for a transit-oriented development at Bukit Chagar Station of the RTS Link.

Market Performance

  • Shares of Sunway closed at RM4.63, gaining three sen on Wednesday.
  • Market capitalization: RM28.81 billion.
  • Stock has surged 65% over the past year.
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