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Market Daily Report: Bursa Malaysia Ends Higher On Blue-Chip Buying, Tracks Most Regional Markets

KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
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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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