Central Global has announced its interim financial results for the first quarter (Q1) of its Financial Period Ended 31 March 2022 (FPE 31 March 2022).
CGB posted RM47.04 million in revenue, for the Q1 FPE 31 March 2022, with an increase of approximately RM9.48 million or 25% from the corresponding period of the previous year.
The group also recorded a Profit After Tax of RM1.89 million for the reporting quarter as compared to a Loss After Tax of RM1.03 million in the corresponding period of FPE 31 March 2021.
CGB’s Construction segment continued on an upward trajectory, generating RM31.06 million of revenue in Q1 FPE 31 March 2022. This translates to approximately 66% of the Group’s total revenue, as compared to RM20.20 million or 54% of the Group’s total revenue in Q1 FPE 31 March 2021.
The increase in revenue was due to the on-going progress of the RYRT Lahad Datu Phase 1 Water Supply System, and the accelerated work progress on the Montage project.
Meanwhile, the Manufacturing segment made up the remaining 34% or RM15.99 million of the Group’s total revenue as compared to RM17.36 million in the corresponding period last year. The lower revenue recorded during the reporting
period was mainly due to the drop in export sales.
Despite the lower revenue, the Manufacturing segment generated a higher Profit Before Tax of RM0.54 million for the quarter under review as compared to RM0.51 million in the corresponding quarter last year due to higher gross profit margin contributed by export sales.
“Moving forward, we will continue to focus on completing the on-going projects in hand namely the Montage project and the Lahad Datu Phase 1 Water Supply System project and the finalising of the final account for the completed Beacon Executive Suite and Eco Horizon projects. At the same time, we will also commence the execution of our newly secured projects namely the Quinton condominium, and the building service work for Sri Bayu apartment and the Montage condominium. As the construction segment in Malaysia is expected to remain challenging, we have taken a precautionary measure by reorganising our internal structure to enhance our efficiency and productivity while simultaneously optimising our cash flow,” CGB’s Group Managing Director Chew Hian Tat said.
