Suria earmarks property to boost revenue

SEPANGAR: Suria Capital Holdings Bhd and its Group of Companies (SuriaGroup) have earmarked property development as one of the Group's strategies going forward.SuriaGroup Managing Director Ng Kiat Min said the company is hoping to enhance its revenue from property management, consultancy and property management services.

"Suria Capital had entered into a joint venture agreement with Gabungan AQRS Bhd in 2015 to develop One Jesselton Waterfront within the vicinity of Kota Kinabalu Port.

"The mixed development will also include serviced suites and apartments, a condo residence as well as car park facilities and a ferry ticketing office and Suria Capital's corporate headquarters office.

"Once completed, both the Jesselton Quay project and the One Jesselton Waterfront project are expected to complement developments in the vicinity such as Sabah International Convention Centre and Kota Kinabalu Convention City," she said after Suria Capital's annual general meeting at Wisma Sabah Ports, here, Wednesday.

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She added that both Jesselton Quay and One Jesselton Waterfront are set to commence development by year-end, pending the subdivision of land title, which is expected to be obtained from the local authority soon.

"As of March 2015, Jesselton Waterfront had received a further boost in its progression with the approval of the development plan.

"The Group is also planning for the proposed development of a dedicated international cruise terminal at the current Kota Kinabalu Port land.

"The entire waterfront area is poised to become an iconic landscape as the city's premier tourism frontier, catering to both local and foreign patrons."

Meanwhile, SuriaGroup's Chairman Datuk Faisyal Yusof Hamdain Diego said the Group had performed well during its 2015 financial year with higher revenue and profitability despite the challenging economic environment last year.

"The marked improvement was particularly a result of the non-incurring income derived from the new business segment in property development.

"The Group's pre-tax profit surged by more than double during its 2015 financial year to RM148.2 million from RM72.8 million achieved in 2014.

"Its net profit rose by 140 per cent to RM125.7 million in 2015 from RM52.1 million in the corresponding year.

"The Group's revenue grew by 79 per cent to RM488.5 million in the year under review against RM273.1 million recorded in 2014," he said, adding that the Group registered a big boost from its property development segment, generating RM229.2 million in revenue from the development of Jesselton Quay project.

The property development segment made up 47 per cent of the Group's total revenue while the revenue from the port operations segment as the core business of the Group still remained solid during the year.

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"It registered total revenue of RM217.2 million, representing about 45 per cent of the Group's total revenue during 2015.

"However, this revenue was lower when compared to RM231.6 million in 2014. The decline in revenue was attributed mainly to the lower contributions from container throughput as well as general cargo and palm oil throughput handled by the ports," he said.

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