Financials

Quarterly Report For The Financial Period Ended 31 December 2021

Financials Archive

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Condensed Consolidated Statements Of Profit Or Loss
And Other Comprehensive Income

For the quarter ended 31 December 2021

Condensed Consolidated Statements Of Financial Position

as at 31 December 2021

In thousand of RM

Review of Performance

The Group derives revenue from construction and property development activities.

The Group achieved revenue of RM625.52 million and net profit before tax of RM54.88 million for the year ended 31 December 2021 as compared to previous year's figures of RM538.32 million and RM43.49 million respectively.

Revenue for the quarter under review is RM172.35 million as compared to the preceding year corresponding quarter's figure of RM181.71 million. The construction segment contributed RM131.06 million (76%), the property development segment registered a contribution of RM25.84 million (15%) whilst the general trading segment contributed RM14.97 million (9%) to the Group's revenue during the quarter.

The net profit before tax of the Group for the current quarter is RM17.00 million as compared to RM14.93 million for the preceding year's corresponding quarter.

The changes in revenue and net profit before tax were contributed by the following segments:

Construction segment: For the 3-month period ended 31 December 2021, the revenue and net profit before tax are RM131.06 million and RM7.42 million compared to the previous year's corresponding quarter figures of RM158.61 million and RM7.16 million respectively.

Property development segment: For the 3-month period ended 31 December 2021, the revenue and net profit before tax are RM25.84 million and RM9.93 million compared to the previous year's corresponding quarter figures of RM23.10 million and RM7.77 million respectively.

General trading segment: For the 3-month period ended 31 December 2021, the revenue and net profit before tax are RM14.97 million and RM0.69 million respectively.

Current Year Prospects

The severity of Covid-19 infection has been greatly reduced with high vaccination take up rate by the Malaysian public and the administration of booster vaccinations. Such health care measures have reduced the number of severe covid infection cases and allows the gradual opening up of most economic sector in Sarawak and Malaysia. Nevertheless, the number of Covid-19 infected cases has seen a drastic increased lately and both public and private sector are keeping a close watch and remain cautious in their engagement in social and economic activities to prevent further spike of serious Covid-19 infection cases.

The problems that have plagued the construction industries since 2020 remained largely unresolved, these include acute labour shortage and disruption to material supplies. General restriction on travel movement has eased but overall labour shortages has got worse with more economic sectors opening up since 3rd quarter of 2021 The sharp increase in material prices, especially metal related which many deem as temporary have not seen much sign of receding. Meantime while, general inflation has kicked in due to higher fuel prices and increased freight charges.

We continued to work on replenishing our order book but will be careful and selective in our procurement strategy to safeguard against price volatility and to manage our project execution efficiently given the circumstances and constraints mentioned.

The Group continued to work under strict compliance to Safe Operating Procedure. Going forward, work will have to be carried out in the midst of challenging circumstances.