Sarawak Consolidated Industries Berhad recorded revenue of RM26.2 million for the fourth quarter ended 30 June 2022 but registered a loss before tax of RM45.9 million mainly due to net impairment loss.
The civil construction group said its trade and other receivables lost RM18 million as well as expenditure incurred in various project-related activities of RM25 million from the engineering, procurement, construction, and commissioning division.
For the financial year ended 30 June 2022, the Company registered revenue of RM128.4 million and an LBT of RM52 million. However, there are no comparisons for the quarter and full financial year as the company changed its financial year-end from 31 December.
Group Managing Director Encik Rosland bin Othman, is cautiously optimistic noting the domestic economy which continues to improve with 8.9% growth year-on-year for the second quarter.
- The announcement of the RM50 billion MRT3 project and the continuation of other large civil infrastructure projects are also contributing positive impacts to the construction sector and businesses like ours as we will certainly leverage on our manufacturing and EPCC expertise to seek opportunities.” “We have made inroads into Peninsular Malaysia focusing on small to mid-sized projects and we are exploring opportunities in Indonesia for the construction of 4G telecommunications infrastructure as well as how we can leverage our manufacturing facilities for the new Indonesian capital at Nusantara in Kalimantan.
- SCIB said it will continue to seek projects in Sabah and Sarawak in which RM5.2 billion and RM4.6 billion were allocated respectively under Budget 2022. The group is also exploring the use of technologies such as the 3D printing system and automation as part of the next phase of growth in the construction industry.
- As of 30 June 2022, SCIB has an order book of RM1.52 billion with earnings visibility until 2026.
