PETALING JAYA: Sarawak Consolidated Industries Bhd (SCIB) saw its net profit for the first quarter ended March 31 more than double to RM4.28 million, from RM1.59 million in the previous corresponding quarter, derived mainly from the higher revenue growth in the construction division.
Revenue increased exponentially to RM51.78 million, from RM17.43 million, mainly contributed by increase in project contracts both overseas and within Malaysia, which contributed to the construction or engineering, procurement, construction and commissioning (EPCC) segment.
On a geographical segmentation review, Malaysia recorded the largest contribution at RM20 million, or 38.63%, to the total revenue for Q1FY20, followed by Qatar at RM17.57 million, or 33.93%. In addition, Oman contributed RM12.46 million or 24.05% to the total revenue. The remaining of the total revenue was contributed by Indonesia at RM1.75 million, or 3.38%.
Group managing director and CEO Rosland Othman said with SCIB’s newly accepted EPCC contracts with an estimated value of RM864.54 million and order book standing at about RM1.1 billion, the group is currently on track with its internal target of RM1.5 billion for 2020.
“Further, we see many opportunities for SCIB. In Sarawak alone, the state-funded people-centric projects are awaiting to be rolled out in coming years, which include the notable Second Trunk Road, Coastal Road, Project Rakyat, Water Supply Grid Programme and more,” he said.
Outside Malaysia, Rosland said, the group sees opportunities in Indonesia, Oman and Qatar.
“We foresee vast construction opportunities from the relocation of capital from Jakarta to Kalimantan in Indonesia, infrastructure requirements from Qatar for FIFA World Cup 2022, as well as the development of Special Economic Zone which has attracted international investment flow into Oman,” he said.
source https://www.thesundaily.my/business/scib-s-net-profit-more-than-doubles-in-first-quarter-MC2602538
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