Central Global Berhad (CGB) registered a growth in revenue of RM48.22 million or 429% to RM59.46 million for its Q3 FPE 30 September 2022 from its last corresponding quarter.
During the same period, the Group also posted a Profit After Tax (“PAT”) of RM4.52 million, a growth of RM6.90 million.
Concurrently, the Group registered a total revenue of RM145.96 million for the cumulative nine-month period ended 30 September 2022, reflecting an impressive
RM79.02 million or 118% increase in comparison to the same reporting period last year. The Group also delivered another strong PAT amounting to RM10.81 million for the same reporting period, reflecting an increase of RM14.73 million as compared to last year.
The Group also recorded an increase by 51% from RM39.46 million in the immediately preceding quarter to RM59.46 million in the current quarter under review.
Concurrently, the Group’s Profit Before Tax also rose from RM5.76 million in the preceding quarter, an increase of 8%, to RM6.20 million in the current quarter.
CGB’s Construction segment continued to deliver impressive growth recording RM100.16 million in revenue for the cumulative nine-month period ended 30 September 2022; attributable to the ongoing works of the Lahad Datu Phase 1 Water Supply System Project, and the Montage condominium and Beacon projects.
Meanwhile, its Manufacturing segment posted RM45.80 million in the same reporting period driven by the upliftment of the COVID-19 restrictions and Malaysia’s subsequent transition into endemicity which led to the reopening of business as a whole.
Commenting on the results, CGB’s Group Managing Director Chew Hian Tat said, “Despite the tough operating environment for the construction industry, we are optimistic Malaysia is charting towards a healthy recovery particularly with the Government’s support through various initiatives such as initiating public infrastructure projects and providing policy support. As a result, the Group’s business activities have started to pick up as reflected in our past two quarters’ financial results.”
“Our construction unbilled order book stands at RM407.1 million, and we expect a healthy replenishment of construction projects to keep us busy in the upcoming quarters well into the next financial year.”
“On the other hand, despite the erosion of our Manufacturing segment’s profit margin due to some headwinds in the form of ever-intense competition for the export market, the rise of raw material costs, and the strengthening of the United States Dollar against Ringgit Malaysia, we are confident of maintaining our profitability for the rest of the financial year. We aim to continue leveraging on our strong track record and position as the biggest masking tape manufacturer in Malaysia especially with our new masking tape coater production line which is expected to be ready by the end of 2022. The commissioning of the line will not only result in a greater production volume but will also lower wastage and increase cost efficiency.”
Barring any unforeseen circumstances, the Group is cautiously optimistic that it will continue to generate satisfactory performance for the rest of the financial year.
