May 27, 2024 -- Suria Capital Holdings Berhad (“SuriaGroup” or the “Group”) is pleased to announce a strong operational and financial performance for the first quarter period ended 31 March 2024 (“1QFY24”).
SuriaGroup recorded a 41% increase in profit before tax for 1QFY24 of RM 19.7 million compared to RM 14.0 million in the previous corresponding quarter. The increase led to a net profit of RM 14.9 million, significantly up from RM 10.6 million recorded in the same quarter last year. The primary driver of this growth was the increased contributions from the port operations segment, the Group's core business, due to higher throughput. The Group’s total revenue for 1QFY24 stood at RM 73.8 million, marking a 15.4% increase from RM 63.9 million in the previous year’s corresponding quarter.
In line with this performance, the Group’s earnings per share rose to RM 4.30 compared to RM 3.07 in the previous year’s quarter.
For the current quarter, the port operations segment, managed by the subsidiary Sabah Ports Sdn. Bhd., contributed 92% to the Group’s revenue. The ports' overall cargo throughput (excluding containers) increased by 4%, driven by higher volumes of bulk oil, fertilizer, wood products, and general cargo. The total tonnage handled for the current quarter and year-to-date was 4.9 million metric tonnes, compared to 4.7 million metric tonnes in the prior year-to-date. Meanwhile, container volume increased by 19%, rising to 117,804 TEUs from 98,980 TEUs in the corresponding quarter of the previous year.
At a glance
- Company
- Suria Capital Holdings Berhad
- Announcement
- Earnings
- Location
- Sabah, Malaysia
Key figures
- Profit before tax
- RM 19.7 million
- Net profit
- RM 14.9 million
- Total revenue
- RM 73.8 million
- Earnings per share
- RM 4.30
- Container volume increase
- 19%
- Collective net development value
- approximately RM 4.2 billion
Products and programs
Looking ahead, the Group is optimistic about its prospects, bolstered by strategic collaborations and development projects. The partnership between Sabah Ports and DP World for the long-term management of Sapangar Bay Container Port (SBCP) will enhance container handling capacity, improve the port’s connectivity, and optimize terminal workflows. The goal is to elevate SBCP into a regional hub for the BIMP-EAGA markets.
Furthermore, the Group has signed two conditional Joint Venture cum Shareholders Agreements with BEDI Development Sdn. Bhd. (75% owned by EXSIM Development Sdn. Bhd.) to develop two pieces of land in Kota Kinabalu, with a collective net development value of approximately RM 4.2 billion. This development includes the creation of a dedicated international cruise terminal (ICT) at Kota Kinabalu Port land, a key project under the Economic Transformation Programme and the Eleventh Malaysia Plan.
The mixed development project, alongside the surrounding waterfront projects, will collectively form an integrated waterfront hub known as ‘Jesselton Waterfront City’. This initiative aims to position Sabah as a premier waterfront destination and support the national vision of establishing Malaysia as a homeport destination for foreign cruise liners to propel cruise tourism.
The Group’s solid financial results for 1QFY24, along with its strategic development initiatives and partnerships, are expected to significantly contribute to its growth trajectory in 2024. The successful execution of these projects will not only enhance operational efficiency and expand capacity but also strengthen SuriaGroup’s position in the regional and global markets. By capitalising on emerging opportunities, the Group is well-positioned to drive sustainable growth, deliver long-term value to shareholders, and support the economic development of Sabah.
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In brief
Suria Capital Holdings Berhad reported higher profit and revenue for the first quarter ended March 31, 2024. The company said profit before tax rose 41% to RM 19.7 million, while net profit reached RM 14.9 million and revenue increased 15.4% to RM 73.8 million. Growth was primarily attributed to higher throughput in port operations, which accounted for 92% of revenue. Cargo throughput excluding containers increased 4%, and container volume rose 19% year over year. The release also outlined development plans and partnerships, including a long-term arrangement with DP World for Sapangar Bay Container Port and two conditional joint venture agreements for land development in Kota Kinabalu. The proposed projects have a collective net development value of approximately RM 4.2 billion and include an international cruise terminal.
Key takeaways
- First-quarter profit before tax rose 41% to RM 19.7 million, with revenue up 15.4% to RM 73.8 million.
- Port operations generated 92% of revenue; container volume increased 19% year over year.
- SuriaGroup has a long-term partnership with DP World to manage Sapangar Bay Container Port.
- Two conditional joint venture agreements cover Kota Kinabalu land development valued at approximately RM 4.2 billion.
