The building materials wholesalers and distributors, Unitrade has announced its first quarter financial results for the period ended 30 June 2022 (1QFY23).
As this was the Group’s first interim financial report published post listing, comparative figures for the corresponding year’s quarter were not available.
Unitrade registered revenue of RM342.5 million and profit after tax and non-controlling interest (net profit) of RM10.1 million in 1QFY23.
Meanwhile, the Group recorded revenue of RM1.29 billion and net profit of RM43.2 million for the 12-month financial period ended 31 March 2022 (FY2022). The net profit achieved in FY2022 was also a historic high.
“After a record-breaking FY2022, we are delighted to kickstart the new financial year with another solid showing. Despite retreating steel prices, we still recorded solid net profit thanks to the recovery in construction activities,” Managing Director of Unitrade, Mr. Nomis Sim Siang Leng said.
According to Bank Negara Malaysia, construction GDP grew by 2.4% year-on-year in the second quarter of 2022 (2QCY22).
“There are obvious macro challenges ahead with the ongoing monetary tightening and fear of a recession. However, we are generally positive about the prospects ahead with the Government’s commitment to proceed with mega-infrastructure projects such as the Mass Rapid Line 3 (MRT3) and East Coast Rail Link (ECRL). The magnitude of these projects will stimulate positive knock-on effects on the industry. Evidently, loan approvals for construction have also been at the highest in recent times. Unitrade will be ready to capitalise on these opportunities,” Mr Nomis Sim said.
According to data published by BNM, loans approved for construction amounted to RM8.68 billion in 2QCY22, higher than all available records dating back to 2015.
“Recently, we have successfully installed a solar photovoltaic (PV) system into our new industrial complex to reduce our dependence on brown energy, in addition to our electric vehicle charging stations for forklifts and passenger vehicles. We would like to acknowledge our partner, Pekat Group Berhad, for its efficiency and quality service during the installation process,” he commented on ESG initiatives.
