PETALING JAYA, June 21 — Sunway Bhd expects a 10 per cent growth in revenue and profits for the financial year ending December 31, 2018 (FY18), driven by improvement reported by most divisions.
Founder and Executive chairman Tan Sri Jeffrey Cheah said the company would continue to launch property projects with a major development called Sunway GEOLake set to launch at the end of this month.
“The group expects to hit sales of RM1.3 billion this year,” he told reporters after the group’s annual general meeting here today.
Cheah said to date, the group had a construction order book of RM6.4 billion, which would keep the company busy for two years.
“The group is confident that once the new government settles down, it will roll-out new projects, be it for housing, buildings or infrastructure,” he added.
“We will continue to eye for new land bank”, he said.
On its healthcare segment, Cheah said the group was continuing to deliver good service in the area and called on Malaysian talents outside the country to return home.
“We want to build an ecosystem for them. We have tied-up with Cambridge University to set up a centre here headed by its professors.
“This will cut short a lot of things as the university will share its knowledge with us especially in life sciences. We are also working with Harvard University on obesity and diabetics types of research. This will augur well for our healthcare sector,” he said.
Last year the group was reported to have injected some RM1 billion to build two hospitals in Sunway Penang, Sunway Velocity, Cheras, (1) Sunway Damansara (1) and Sunway Ipoh (1) over the next five years.
“We want to put a lot of effort in this area, of course not forgetting the other areas that we are already in. I am positive for 2018 and beyond,” he added.
Last year, the conglomerate’s revenue and pre-tax profit stood at RM5.4 billion and RM882.2 million respectively, up from RM4.7 billion and RM859 million in 2016.
Property development and construction divisions contributed 47 per cent to the group’s bottom line while contributions from other businesses including, among others, were property investments, leisure, hospitality, trading and healthcare accounted for 53 per cent. — Bernama
