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Suria reports slightly higher RM80 million revenue
Published on: Friday, December 01, 2023
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For the 9MFY23 period, SuriaGroup recorded a 4pc YoY increase in total revenue to RM182.5 million compared to RM175.4 million in 9MFY22. – Borneo Post pic for illustration only.
Kota Kinabalu: Suria Capital Holdings Berhad (SuriaGroup) recorded a 9.4pc increase in total revenue, amounting to RM80.3 million in Q3FY23 compared to RM73.4 million in the prvious corresponding period.
Revenue from operations however, slightly decreased reflecting a marginal YoY decline of RM1.5 million or 2.3pc to the RM63.5 million recorded in the same quarter in prior year.
During this quarter, the Group achieved profit before tax (PBT) of RM18.9 million, lower than RM23.2 million recorded in Q3FY22, primarily due to higher operating expenses as a result of increased provision for replacement of major port infrastructure and facilities.
For the 9MFY23 period, SuriaGroup recorded a 4pc YoY increase in total revenue to RM182.5 million compared to RM175.4 million in 9MFY22.
This growth is primarily driven by higher port activities within the Port Operations Division, SuriaGroup’s core business, which contributed 89pc of total revenue during the period under review.
9MFY23’s PBT declined narrowly to RM49.6 million from RM49.8 million in 9MFY22, primarily due to higher provision for replacement of major port infrastructure and facilities for the current year-to-date.
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Segmental-wise, the port operations division recorded a 4.3pc YoY increase in revenue, growing to RM177.8 million in 9MFY23 from RM170.5 million in 9MFY22.
The top line growth was primarily driven by tariff revision on crane hire charges effective August 2022 which resulted in higher operating revenue for the port operations division.
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Correspondingly, 9MFY23 PBT of this segment rose 10.7pc YoY to RM47.5 million from RM42.9 million in 9MFY22.
“We are confident in our ability to weather these fluctuations and leverage on the resiliency of the port operations segment, which has consistently contributed positively to the Group’s business,” SuriaGroup’s Group Managing Director, Datuk Ng Kiat Min said,
“We are further positive that business will continue to be supported by normal economic activities, as well as strong domestic and regional demand,” he added.
The port operations segment remains the Group’s major revenue provider, contributing 94pc of the Group’s revenue and 73pc of the Group’s profit before tax for the current quarter under review.
“Apart from port operations, we are also optimistic about the property development project.
The first phase of the project has been completed in the year 2022, while the second phase is planned to commence in year 2024.”
In Q3FY23, the property development division’s topline improved significantly to RM0.4 million for quarter-on-quarter as the Gallery Shoppes at Jesselton Quay Central achieved 76pc occupancy rate.
The property development’s revenue was derived from the leasing of gallery shoppes at Jesselton Quay.
These gallery shoppes are part of the entitlement accorded to the Group from the first phase of the joint venture with SBC Corporation Berhad (SBC), which has been completed and delivered in the year 2022.
Upon completion of the second phase, this development is poised to make a positive contribution to the Group’s bottom line.
Other operating segments, namely investment holding, logistics and bunkering, and contract and engineering and ferry terminal operations, contributed a combined revenue of RM4.7 million in Q3FY23.
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