SCS Has Issued Its Annual Report 2021

Sarawak Consolidated Industries Bhd (SCIB) a civil engineering specialist, today announced that the Company’s shares will be resumed trading on 19 January 2022 as SCIB has issued its Annual Report 2021 which includes the annual audited financial statements (“AFS”) together with the directors’ reports for the Group Managing Director/ Chief Executive Officer of SCIB, Rosland bin Othman said accumulated 18 months of the financial period ended June 30, 2021 (“FPE 21”).

, “We are pleased to announce that our committed efforts have paid off as we completed the audited report and issued our Annual Report 2021.

In a statement, it said that the working team, audit committee, and the board of directors worked hard in playing their part during this unprecedented period faced by the company, therefore I would like to extend my sincere gratitude to everyone involved and also to Bursa Malaysia for their patience throughout the process.

Now SCIB will be focusing on creating value and optimising performance for the Company in the year ahead as we can put our full attention into our expansion into Peninsular Malaysia and East Malaysia. Even though we are met with a setback, SCIB is not deterred as we have other projects progressing according to schedule and we are also taking the initiative to look for opportunities in Malaysia and other neighboring countries.

We have recognised potential prospects domestically and regionally, and SCIB is intended to fully capitalise on the emerging markets by re-strategising our geographical positioning.

Currently, our target market for business growth is focusing on the concessions of roadwork maintenance projects across Malaysia, housing development projects including PR1MA and Perumahan Penjawat Awam Malaysia (“PPAM”) contracts and water treatment plant projects. We also do not restrict ourselves to winning contracts on specific areas or projects as our focus is mainly on high credible paymasters and project owners.

We are still optimistic about the SCIB’s current and future prospects with SCIB aspired to be one of the main players in the global market. We hope to reinstill our shareholders’ confidence in us, as we believe that SCIB is prepared to grab any business opportunities that will emerge this year, further improving our existing RM1.2 billion order book”

In FPE 21, SCIB recorded a revenue of RM199.0 million and Profit Before Tax (“PBT”) of RM5.7 million. The PBT is derived after the impairment losses on trade receivables and other receivables of RM63.5 million and RM3.6 million respectively. The impairment on trade receivables is mainly due to the long outstanding debts from overseas projects, and its net outstanding balance was fully impaired in compliance with MRFS 9.

SCIB has announced that the Company’s 45th Annual General Meeting will be conducted on Monday, 28 February 2022 at 11:00 a.m on a fully virtual basis by way of live streaming from the broadcast venue.

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