$SUNWAY (5211.MY)$ yahoo[Concerned]Tomorrow, I will jump hig...

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102932551 OP : Kuala Lumpur: Sunway Bhd's second quarter net profit as of June 30, 2024 (second quarter of 2024) increased from 0.014993 million ringgit in the same period last year to 0.27042 billion ringgit.

In the second quarter of 2024, the revenue increased by 11.3% from the previous 1.47 billion ringgit to reach 1.58 billion ringgit.

Sunway stated in a file submitted to the Malaysian stock exchange today that the increase in profit was mainly contributed by most business segments, excluding the real estate investment division.

It mentioned that the revenue of the real estate development division in this quarter increased by 2.7% to reach 0.3719 billion ringgit, compared to 0.3621 billion ringgit in the same period last year, driven by increased sales and progress billings of new and ongoing local development projects.

"Driven by strong performance in most sub-segments, the revenue of the real estate investment division increased by 15.3% from 0.1994 billion ringgit in the same period last year to reach 0.231 billion ringgit.

This includes an increase in visitor numbers to the theme park, increased occupancy rates and average room prices at Sunway hotels, as well as increased revenue from real estate investment asset operations.

Regarding the outlook, Sunway expressed that the medical care division of the group continues to focus on increasing the bed capacity of its three operating hospitals to meet the growing demand for quality medical care services from domestic patients and medical tourists.

It also aims to establish the Johor-Singapore Economic Zone (JS-SEZ), combining strong infrastructure and connectivity between Johor and Singapore, which bodes well for attracting foreign and domestic investments to the state.

Tan Sri Datuk Chew Chee Kin, the Group President of Sunway, expressed in a separate statement that the strong economic growth in the first half of 2024 has greatly propelled the group's business.

He stated, 'For the remaining time this year, we are optimistic about the prospects of our real estate development, medical care, construction, and other business segments.'

Sunway also announced that during the financial period from January 1, 2024 to June 30, 2024, there will be a one-tier interim cash dividend of 2 ringgit per ordinary share and a 5.25% preferential dividend for irredeemable convertible preference shares (ICPS) based on an issue price of 1.00 ringgit.