SuriaGroup charts steady course amid strategic shifts, sustainable growth

Borneo Post

5 hours ago

Ng (left), Faisyal (centre) and Phoon during the press conference after the 42nd Annual General Meeting of SuriaGroup today.
KOTA KINABALU (June 25): Suria Capital Holdings Berhad and its group of companies (SuriaGroup) have unveiled its financial results for the year ended 31 December 2024, following the conclusion of its 42nd Annual General Meeting today, marking a pivotal year of strategic transformation and long-term value creation.
Despite a challenging operating landscape, SuriaGroup maintained its resilience in 2024, anchored by a historic collaboration with global port operator DP World at the Sapangar Bay Container Port and continued progress across its flagship property development ventures. For the year under review, Suria Capital Holdings Berhad Group Manging Director Datuk Ang Kiat Min said the Group recorded total revenue of RM271 million, a slight dip of 2.6 per cent from RM278.4 million in 2023.
Despite this, gross profit rose by 3.3 per cent to RM80.4 million, while profit before tax climbed 3.6 per cent to RM50.5 million. Profit after tax, however, edged down marginally by 1.3 per cent to RM33.9 million.
'The financial performance was chiefly influenced by the operational transition of Sapangar Bay Container Port to DPW Sabah Sdn Bhd, a joint venture between Sabah Ports Sdn Bhd and DP World, in September 2024. This resulted in a one-off derecognition of concession assets and a reclassification of financial receivables based on projected rental income from DPW Sabah Sdn Bhd.
'Nonetheless, SuriaGroup declared a total dividend of 3.0 sen per ordinary share, comprising 1.5 sen interim and 1.5 sen final dividends, amounting to RM10.4 million or 30.7 per cent of its profit after tax,' she said.
Port operations continued to be SuriaGroup's mainstay, contributing RM240.4 million, or 88.7 per cent of total revenue. Total cargo throughput across Sabah Ports Sdn Bhd's facilities grew by 5.1 per cent to 28.9 million metric tonnes (2023: 27.5 million metric tonnes).
Container throughput surged 17.2 per cent to 501,944 TEUs, with significant volumes recorded at Sapangar Bay Container Port (362,449 TEUs), Tawau Port (83,285 TEUs) and Sandakan Port (56,210 TEUs). Of the total at Sapangar, 115,651 TEUs were handled by DPW Sabah Sdn Bhd following the operational handover.
A landmark development in 2024 was the formal commencement of DP World's management of Sapangar Bay Container Port, positioning Sabah as a crucial maritime gateway in the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA).
This partnership is expected to bolster Sabah's global connectivity through new shipping corridors and higher vessel calls, anchoring its relevance in the international supply chain.
Meanwhile, the RM900 million expansion project at Sapangar Bay Container Port, spearheaded under the Sabah Economic Development and Investment Authority (SEDIA), is progressing with 26 per cent completion as of June 2025.
Once finished, the port will accommodate up to 1.25 million TEUs, more than doubling its current capacity and cater to larger Intra-Asia vessels with deeper drafts and longer berthing lengths.
In November 2024, SuriaGroup completed the construction of a second oil jetty at Sapangar Bay Oil Terminal. The upgraded facility is designed to handle vessels of up to 60,000 DWT and includes infrastructure to support bunkering for supply vessels up to 5,000 DWT. The new jetty is slated to commence operations in the second half of 2025.
The Group's flagship waterfront project, Jesselton Quay, has now entered its final phase. Groundworks began in late 2024 for Phase 2, which includes the 26-storey Q Suites commercial tower (420 units), followed by the low-rise Heritage Shops. Suria's entitlement from this phase stands at RM174 million.
Simultaneously, the Jesselton Docklands development, in partnership with BEDI Development Sdn Bhd (a subsidiary of EXSIM), has gained traction. Spanning 14.2 hectares, this integrated tourism precinct will feature an international ferry and cruise terminal, serviced residences, hotels and commercial spaces. A preview of The Bedrock Suites on Land 1 was held on 20 June 2025, receiving favourable public response.
SuriaGroup is investing RM70 million to install two new energy-efficient ship-to-shore e-gantry cranes at Tawau Port, replacing the current mobile harbour cranes. The new equipment, expected by end-2025, will enhance cargo handling speed, reduce carbon emissions and reinforce operational sustainability.
Looking ahead to 2025, SuriaGroup will continue engaging regulators to revise port tariffs under the Sabah Ports Authority's existing framework to support infrastructure reinvestment. Several tariff components have already been approved through administrative orders.
Discussions are also underway for the extension of the Group's port concession agreement, following preliminary consultations with stakeholders earlier this year.
Operationally, the full-year contribution from DP World's management at Sapangar Bay Container Port is expected to elevate performance through better vessel connectivity and throughput. At the same time, the Group's property development strategy grounded in long-term partnerships and prime coastal assets, will reinforce Kota Kinabalu's status as a lifestyle and tourism hub.
Importantly, SuriaGroup continues to integrate sustainability into its development agenda, ensuring that new growth aligns with environmental and community values.
As SuriaGroup navigates 2025, the Group remains committed to enhancing shareholder value, advancing Sabah's maritime and tourism economy, and contributing to the state's long-term sustainable development agenda.
Also present at the Annual General Meeting were SuriaGroup Chairman, Datuk Faisyal Yusof Hamdain Diego and Group Chief Financial Officer, Phoon Wai Wah.