TAFI Makes A Turnaround, Returns To Black In 2021

TAFI Industries Berhad posted turnaround performance for the year ended 31 December 2021 with a profit after tax of RM5.493 million compared to a loss of RM9.447 million in the year 2020, this was supported by higher local projects sales of furniture and revenue derived from construction contracts despite the COVID-19 pandemic disruption.

Revenue increased by 48.16% to RM43.539 million as compared to the year 2020. This resulted in an increase in basic earnings per share to 5.29 sen for the year ended 31 December 2021 compared with a loss per share of 11.83 sen in the preceding year. All basic earnings per share figures are before the bonus issue of shares which was completed in February 2022 after the financial year ended 31 December 2021.

Chief Executive Officer Dato’ Sri Bryan Wong said that the good and encouraging 2021 results show the current management’s efforts to streamline, increase efficiency, and also grow the business beyond furniture.

The group has ventured into e-commerce with Signature Group and OMG Free Reno and diversified into property development with its maiden project in Pahang with an estimated gross development value (GDV) of RM390 million.

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