KUALA LUMPUR: Sunway Bhd’s net profit jumped to RM2.67 billion in the financial year ended Dec 31, 2021 (FY21) from RM357.25 million in the same period a year earlier.

       The group said the higher earnings recorded in FY21 was due to stronger operating performance, which was underpinned by the stronger contributions from property investment, construction and other segments.

       Its revenue increased to RM3.71 billion from RM3.21 billion mainly due to the stronger revenue recorded from property investment and other segments.

       Sunway said its property investment segment reported revenue of RM624.2 million for FY21 compared to RM494.6 million in the previous financial year.

       "This was due to higher sales and progress billings from local development projects as well as higher contribution from the completion and handover of two local development projects in the second half of the year,” it added.

       Sunway said the construction segment recorded revenue of RM1.11 billion in FY21 compared to revenue of RM990.2 million in the corresponding 12-month period mainly due to higher progress billings from local construction projects and higher profit margins.

       Moving forward, Sunway said the recent spike in COVID-19 infections, prolonged global supply chain disruptions and rising inflationary pressures leading to the tightening monetary policies could hamper the economic recovery in the near to medium term.

       "While the downside risks are noted, the group is now operationally better prepared to manage the consequential impact,” it added. "Two years into the coronavirus pandemic, it is encouraging to note that its severity has started to wane due to the relatively successful mass vaccination roll-out by the government.”

       "The group is also looking forward to the reopening of the country’s borders as this will further benefit our leisure, hospitality, and healthcare services from the resumption of inbound leisure and medical tourism,” it said. - Bernama