Suria Capital Holdings Berhad (SuriaGroup) posted lower revenue for Q4FY24, recording RM43.9 million compared to RM67.6 million in the same period last year, following the transfer of Sapangar Bay Container Port (SBCP) operations to DP World Sabah.

The handover, completed in September 2024, led to the exclusion of SBCP’s container volume from SuriaGroup’s financial reporting, causing total TEUs handled to drop by 66% to 37,478, down from 110,595 in Q4FY23. Cargo throughput also fell 10% to 5.1 million metric tonnes.

“This transition was a strategic decision to enhance operational efficiency and improve port services in Sabah,” SuriaGroup said in a statement. “While it has impacted our reported revenue in the short term, we believe this move will contribute to long-term growth and competitiveness.”

For the full year, total TEUs handled declined by 10% from 428,313 in FY23 to 386,293 in FY24. Despite this, SuriaGroup’s overall financial performance remained steady, with annual revenue falling by just 4% to RM268.2 million. Gross profit edged up slightly to RM78 million from RM77.8 million the previous year.

“The port industry is evolving, and our collaboration with DP World positions SBCP as a key player in the BIMP-EAGA region,” the company said, referring to the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area.

The company declared a 1.5% interim dividend, amounting to RM5.19 million in payouts to shareholders, signaling confidence in its long-term growth prospects.

Suria Capital Holdings Berhad, the parent company of Sabah Ports Sdn Bhd, manages key ports in the state and has diversified interests in real estate, logistics, and engineering services.

The group said its partnership with DP World Sabah marks a strategic shift in its port operations, with long-term plans to enhance efficiency and strengthen Sabah’s role in regional trade. – March 6, 2025