Tuju Setia Berhad is looking to close its order book in the next 4 years securing RM1.5 billion. For the first half financial period ended 30 June 2022, Tuju Setia registered a cumulative revenue of RM170 million and net profit of RM1.1 million in comparison to revenue of RM105 million and net profit of RM4.4 million in the previous corresponding period.
Despite the higher cost of building materials, labour and operations, the Group remained in the black with a net profit at RM0.7 million in 2Q22 from RM0.9 million in the previous quarter.
The Group’s order book is currently made up of eight ongoing high-rise building projects, which include the RM257 million Jernih Residence (Kajang) project secured in June 2022 from a joint venture company belonging to Sunway Berhad and MKH Berhad, as well as the Kajang Women and Children Hospital.
Managing Director of Tuju Setia Berhad, Mr. Wee Eng Kong said “We are steadfastly continuing our project deliveries and will adopt the same tenacity for our other ongoing projects including the recently-secured Jernih Residence.
Despite the challenges in the construction sector, Tuju Setia has remained profitable in the first half of the year, as we have implemented various measures to manage cost escalations of building materials, labour, and operations.
Furthermore, we expect work for our ongoing projects to make better progress as we have attained approval from the relevant authority to bringing more foreign workers into our workforce. In the meantime, we will remain prudent on planning our resources and maintaining work efficiency.”
In the second quarter ended 30 June 2022 (2Q22), Tuju Setia’s revenue rose 85.6% to RM84.8 million from RM45.7 million in the previous year’s corresponding quarter. The increase was attributed to higher billings recognised from its ongoing projects while the previous year’s corresponding quarter operations were severely impacted by MCO.
