Boustead Heavy Industries Corporation Berhad (BHIC) Chief Executive Officer (CEO), Sharifuddin Md. Zaini Al-Manaf said
efforts to reinvent the BHIC Group into a high performing organisation are beginning to yield results.
“We have identified several areas to improve our bottom line which include strengthening corporate governance, boosting revenue generation and improving collection management”, he said.
Against this backdrop, BHIC posted a lower Loss Before Tax (LBT) of RM60.0million in the fourth quarter of financial year ended Dec 31, 2020 (Q4 FY2020) compared to LBT of RM113.9 million in Q4 FY2019. It managed to significantly reduce its LBT for FY2020 to RM32.8 million, 71 percent lower compared to LBT of RM113.5 million in FY2019.
“We are very clear on the path that we are taking to steer the company back to profitability and to deliver optimal value to our stakeholders”, he said.
“Our focus on the commercial segment has been bearing fruit with our associate Boustead Naval Shipyard Sdn Bhd (BNS) securing several ship repairing contracts from commercial shipowners from end of 2020”.
The extension of existing contracts such as the provision of Maintenance and Supply of Spares for Royal Malaysia Air Force (RMAF) EC725 helicopters are expected to positively contribute to the Group’s bottom-line. “The contracts will reinforce our position as one of the leading defence contractors for MRO in Malaysia,” he pointed out.
Mohammed Shazalli Ramly, Boustead Holdings Berhad Group Managing Director echoed the optimism expressed by Sharifuddin and reiterated his support towards BHIC’s efforts. “We are working hard to resolve the key issues faced by
BHIC. The progress at BHIC sits nicely and aligns well with the Reinventing Boustead strategy which encourages business performance, transparency and strong corporate governance across the Boustead Group”, he said.