Latest news with #SuriaGroup
Borneo Post
11 hours ago
- Business
- Borneo Post
SuriaGroup charts steady course amid strategic shifts, sustainable growth
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.
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
