WCT Holdings Berhad (“WCT”), an investment holding company with businesses in engineering and construction, property development and investment in and management of retail malls and hotels, is cautiously optimistic amid the continuous recovery of the domestic economy as well as improving consumer and business sentiments, which will augur well with the Group’s overall business.
At the virtual Annual General Meeting (“AGM”) WCT Group Managing Director Dato’ Lee Tuck Fook said, “All resolutions tabled at the AGM today were duly approved by our shareholders, which includes the final single tier cash dividend of 0.5 sen per ordinary share for the financial year ended 31 December 2022.”
For the financial year ended 31 December 2022 (“FY2022”), the Group’s revenue grew by 24% to RM2.1 billion as compared to RM1.7 billion registered in the preceding year (FY2021). The Group’s profit attributable to equity holders surged by 32% to RM128.7 million as compared to RM97.2 million recorded in FY2021.
In 2022, the Engineering and Construction Division continued to leverage on its strong outstanding order book and ramped up productivity to catch up on its key project milestones while overcoming the on-going labour and supply chain related operational volatilities.
Having demonstrated a strong commitment and compliance to good occupational safety and health management system at its project sites and met the International Safety and Health Standards, the Engineering and Construction Division was recently crowned winner of the International Safety Award 2023 by the British Safety Council in the United Kingdom.
The Property Development Division remained resilient by participating in roadshows, exhibitions, intensive online marketing strategies and offering attractive and easy entry sales packages as well as convenient financing schemes to drive sales performance.
In August 2022, the division launched Adenia Apartments in Bandar Parklands, Klang with an encouraging take-up rate of 66% and also successfully handed over Paradigm Residence in Johor Bahru in September 2022. Additionally, The Maple Residences (Tower C) in W City OUG @ Kuala Lumpur which was launched in October 2022 has achieved a take-up rate of 53% to date.
Meanwhile, the reopening of all economic sectors and international borders has also benefited the Group’s Property Investment and Management Division. WCT’s retail malls, including Paradigm Mall Petaling Jaya, Paradigm Mall Johor Bahru, gateway@klia2 and SkyPark Terminal saw a surge in business activities with higher footfall, better occupancy rates and higher demand for retail spaces.
Separately, the rebranding exercise of the Group’s hotel at Paradigm Petaling Jaya to the 5-star Le Méridien Petaling Jaya on 1 June 2022, under a franchise agreement with Marriott International has expanded the business opportunities for the hotel through its widened distribution network. This helped strengthen the hotel’s corporate segment through securing new corporate accounts, leading to a business recovery near to its pre-pandemic level.
“Moving forward, the Group’s Engineering and Construction Division will leverage on its expertise to focus on pursuing infrastructure and buildings related tenders locally and regionally,” said Lee, adding that the Property Development Division will focus on new launches of affordable luxury projects in the Klang Valley and Johor while expediting the sales of its property inventory amidst the current challenging property landscape.