SHAH ALAM 19 August – Sunway Construction Group Berhad (SunCon) has proposed its first interim dividend 1.25 cents per share for the financial year ending 31 December 2020.
The Group is able to reduce its operational expenses amid the pandemic to maintain a profit-making position. The Group announced a revenue of RM140.2 million and profit before tax of RM2.3 million for the current quarter ended 30 June 2020.
The Group also announced the award of two in-house projects amounting to RM747 million. With these new awards, Sunway Construction achieved RM1.47 billion new orders, close to 75% of its RM2 billion target new orders for 2020. The two new in-house orders are Sunway Belfield with a value of RM402.9 million and a commercial mixed development project (CP2) at Sunway South Quay with a value of RM463.2 million.
The contract sum for CP2 Project is inclusive of RM 119.0 million of substructure works which have been awarded in June 2019. The Group’s outstanding order book as at June 2020 amounted to RM 5.4 billion.
Sunway Construction Group Managing Director, Chung Soo Kiong (photo), said that the Group is retaining its RM2 billion target for 2020.
He said, “We are confident that we are able to realise the target by year end as we have RM8.5 billion worth of active new tenders. Our active tenders include projects in Malaysia, India, Singapore and the Philippines.” Moving forward, the Group will continue to expand overseas and take on in-house pipeline projects by Sunway Group for a sustained growth.
Chung said, “We are also looking into the renewable energy sector with a focus on solar projects and district cooling systems.”
“To date, all our sites in Malaysia have resumed operations. We will continue to practise stringent precautionary measures in compliance to the guidelines by the Ministry of Health. Barring any further unforeseen circumstances, we hope to be able to minimise construction delays due to non-work activity of more than 2.5 months during the MCO and CMCO period, and to recover project progress. With the Group’s strong cash reserve and stringent cost control measures, we are optimistic of overcoming this difficult period,” he said. - DagangNews.com
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