Full-year revenue jumped 23.94% to RM2.67 billion from RM2.16 billion previously, it said in a bourse filing today.
For its fourth quarter (Q4 FY2023), the group recorded a 7.93% increase in net profit to RM49.27 million from RM45.65 million a year ago. Revenue surged 73.11% year-on-year to RM871.5 million from RM503.43 million.
The construction segment’s revenue climbed 77% to RM785.8 million in the current quarter, driven by accelerated progress in newer projects. Profit before tax (PBT) increased to RM53 million in Q4 from RM51.1 million a year earlier.
The precast segment registered revenue of RM85.7 million in Q4 FY2023, a jump of 44% compared to a year ago while PBT surged 48% to RM7.7 million, fuelled by higher profit margins for several newer projects.
The increase in FY2023 revenue was attributed to higher revenue from these two segments. SunCon said PBT for the construction segment was marginally lower due to the finalisation of accounts for several projects in the previous year. However, the increase in PBT for the precast segment outweighed the slip in profit for the construction business.
The group declared a single-tier second interim dividend of 3 sen per share for the quarter, bringing total dividend for the year to 6 sen per share.
“It has been a rewarding year for the group. After a record-high PBT in the previous year, SunCon achieved another record-high PBT in FY2023,” said managing director Liew Kok Wing in a separate statement.
“The group also surpassed its FY2023 new order book target to end the year at RM2.5 billion, compared to our target of RM2 billion.”
The group continued to make progress in the data centre, warehouse logistics, and renewable energy segments, securing close to RM677 million worth of new contracts in FY2023, he said.
“Going forward, the group is actively pursuing opportunities in the advanced technology facilities. We also look forward to the rollout of mega infrastructure projects in the pipeline arising from the continued growth in the economy.”
Liew said SunCon is optimistic of registering a positive growth in FY2024 supported by its existing outstanding order book of RM5.3 billion as of Dec 31, 2023.