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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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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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