Sunsuria Q3 profit more than doubles to RM19m on KLCG acquisition gains

Sunsuria Bhd's net profit for 3QFY2026 more than doubled to RM19.02 million, driven by RM6.92 million in gains as KL City Gateway Sdn Bhd became a subsidiary. Quarterly revenue edged down 0.6% to RM176.97 million, while the group readies launches at Kwasa Damansara and its 9.66-acre KL transit-orien

PETALING JAYA (Aug 26): Sunsuria Bhd’s profit attributable to owners more than doubled to RM19.02 million for the third quarter ended June 30, 2026 (3QFY2026), from RM9.22 million a year earlier, aided by RM6.92 million in gains recognised after KL City Gateway Sdn Bhd (KLCG) became a subsidiary. Basic earnings per share rose to 2.12 sen from 1.03 sen, according to the property developer’s unaudited quarterly report filed with Bursa Malaysia on Wednesday.

Quarterly revenue edged down 0.6% to RM176.97 million from RM178.01 million, while profit before tax (PBT) rose 6.5% to RM28.62 million from RM26.87 million. Sunsuria said that excluding the KLCG-related gains, quarterly PBT would have been lower, owing to reduced contributions from property development following the completion of several projects. The group also cited higher operating and marketing expenses for Sunsuria Forum Mall and higher finance costs.

Sunsuria attributed the marginal decline in revenue to lower contributions from its property development division after the completion of Bangsar Hill Park Verdura, Sunsuria Forum Corporate Suites and Sunsuria City Seni Residences in the previous financial year, as well as Bangsar Hill Park Tower A in the current financial year. This was partly offset by higher contributions from ongoing developments including Bangsar Hill Park Talisa, Sunsuria Kejora Business Park — Semi-D Industrial (Phase 1) and Sunsuria City The Chapter. The group also cited higher student enrolment at Concord College International School and contributions from its property investment division following the opening of Sunsuria Forum Mall in December 2025.

For the nine-month period, Sunsuria recognised RM6.92 million in gains after KLCG became a subsidiary, comprising a RM3.50 million gain on remeasurement of its previously held interest in KLCG and a RM3.42 million gain on bargain purchase. The group completed the acquisition of an additional 41% stake in KLCG for RM21.46 million on April 10, raising its interest to 61% and making KLCG a subsidiary. KLCG is undertaking a 9.66-acre integrated transit-oriented development in Kuala Lumpur, which Sunsuria estimates will have a first-phase gross development value (GDV) of about RM2.75 billion.

Profit attributable to owners for the first nine months of FY2026 was broadly unchanged at RM26.39 million, compared with RM26.18 million a year earlier. Revenue fell 10.1% to RM415.62 million from RM462.32 million, while PBT declined 22% to RM50.12 million from RM64.22 million. The comparative figures have been restated following Sunsuria’s adoption of the fair-value model for investment properties. No dividend was paid during the financial period under review.

Sunsuria also said it is preparing to launch the first phase of RIA Sunsuria, its maiden development in Kwasa Damansara. The group estimates that the freehold residential project will have a GDV of RM630 million and comprise 494 condominium units and 26 three-storey terraced homes. The group said it remains mindful of external pressures and rising costs, and will continue to focus on strengthening its development pipeline and growing its businesses.