Latest news with #SBCP
Daily Express
24-05-2025
- Business
- Daily Express
Suria Capital makes RM46 million in Q1
Published on: Saturday, May 24, 2025 Published on: Sat, May 24, 2025 Text Size: Accordingly, SuriaGroup's share of SBCP performance is now reflected through the equity accounting method rather than full consolidation, resulting in a short- term reduction in reported revenue and earnings. Kota Kinabalu: Suria Capital Holdings Berhad (SuriaGroup) recorded total revenue of RM46.07 million for the first quarter ended 31 March 2025 (1QFY25), compared to RM73.83 million in the same quarter last year. Profit Before Tax (PBT) was RM15.48 million and EBITDA stood at RM26.48 million, down from RM19.75 million and RM37.47 million respectively in the previous year. The decline in the Group's financial performance is primarily attributed to the transfer of management control of Sapangar Bay Container Port (SBCP) to DPW Sabah Sdn Bhd, a joint venture company in which SuriaGroup retains a 49pc stake. With DP World holding a slight majority of 51pc, the JV now consolidates the SBCP results in its own books. Accordingly, SuriaGroup's share of SBCP performance is now reflected through the equity accounting method rather than full consolidation, resulting in a short- term reduction in reported revenue and earnings. Despite this accounting adjustment, SuriaGroup views the change as a strategic repositioning that will support long-term sustainable growth. The JV structure brings in world-class operational expertise and global network synergies via DP World, expected to elevate SBCP's future performance and regional competitiveness. Advertisement Port operations remained the Group's main revenue contributor, accounting for 84pc of total revenue and 71pc of PBT. Overall cargo throughput declined to 3.6 million metric tonnes, from 5.3 million metric tonnes in the same period last year. Container volumes decreased from 117,804 TEUs to 33,479 TEUs, primarily due to the transition in SBCP operations. However, SBCP itself now operated by DPW Sabah Sdn. Bhd, handled a total of 92,664 TEUs for the quarter under review. Contributions from the Group's diversified business segments remained stable. Property development and leasing revenue, Gallery Shoppes leases, and carpark operations at Jesselton Quay Central (JQC), accounted for 1pc of Group revenue in 1QFY25, with JQC occupancy at 90.2pc. Logistics and bunkering services supported port and marine activities, contributing 2pc of revenue. Ferry terminal operations contributed 4pc, driven by increased tourist arrivals at the Kota Kinabalu International Cruise Terminal. The Group's property development segment continues to gain traction. Phase 2 of the Jesselton Quay development, which include Q Suites and the Heritage Shops, is advancing steadily with site works commenced in the fourth quarter of Heritage Shops forms part of Suria's entitlement under a gross development value of RM174.0 million. The Group's partnership with BEDI Development continues to advance with positive momentum. The joint venture is focused on developing two prime parcels of land in Kota Kinabalu, collectively valued at approximately RM4.2 billion in net development value. These projects remain on track, aligning with the Group's strategic objectives to expand its property development portfolio and contribute to Sabah's urban growth. The construction of the new oil jetty at Sapangar Bay Oil Terminal was completed in November 2024 and is scheduled to commence operations in 2025. The upgraded facility is expected to enhance berthing efficiency and vessel turnaround time, further reinforcing SBOT's position in Sabah's oil and gas logistics landscape. To ensure long-term financial sustainability, SuriaGroup has engaged with the Sabah Government to implement revised port tariffs under the Sabah Ports Authority framework. The proposed adjustments are expected to support reinvestment into critical port infrastructure and services. Concurrently, the Group has initiated formal negotiations on the extension of its port concession, with preliminary stakeholder consultations conducted in March 2025. While 1QFY25 reflects a period of recalibration, SuriaGroup remains focused on strengthening its fundamentals, advancing strategic initiatives, and capturing growth opportunities that align with Sabah's broader economic agenda. The Group remains confident in its ability to deliver long-term value to shareholders and stakeholders alike. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Daily Express
23-05-2025
- Business
- Daily Express
SuriaGroup posts RM46.07 mil revenue in 1QFY25
Published on: Friday, May 23, 2025 Published on: Fri, May 23, 2025 Text Size: Suria Capital Holdings Berhad (SuriaGroup) reported RM46.07 million in revenue and RM15.48 million in profit before tax for the first quarter ended 31 March 2025 (1QFY25), down from RM73.83 million and RM19.75 million respectively in the same period last year. The decline stems from the transition of Sapangar Bay Container Port (SBCP) operations to DPW Sabah Sdn. Bhd., a joint venture with DP World in which SuriaGroup holds a 49 pc stake. As a result, SBCP's financials are no longer fully consolidated into SuriaGroup's accounts, but reflected via equity accounting. Despite the short-term financial dip, SuriaGroup views the JV as a strategic move for long-term growth, tapping into DP World's global network and port expertise. Port operations remained the core revenue driver, while cargo throughput dropped due to the SBCP transition. Other business segments remained stable. Property leasing and tourism-related operations showed steady contributions, while Phase 2 of the Jesselton Quay project and other high-value developments with BEDI Development continue to progress. Looking ahead, SuriaGroup is engaging with the Sabah government on new port tariffs and concession extension talks and remains confident in delivering long-term value despite short-term recalibrations. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
