Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 30 November 2022, 20:00 HKT/SGT

Source: Sarawak Consolidated Industries Bhd
SCIB Posts 14.5% Increase in Revenue to RM30.3 Million in 1Q FY2023
Company sees LBT narrow by 65.3% and revenue contribution from manufacturing increase by 26.8%

KUCHING, MALAYSIA, Nov 30, 2022 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company registered a 14.5% increase in revenue to RM30.3 million for the first quarter ended 30 September 2022 (1Q FY2023) compared with RM26.5 million in the corresponding quarter of the previous financial year (1Q FY2022).

Group MD and CEO of SCIB, Encik Rosland bin Othman

Independent Non-Executive Chairman, Encik Shamsul Anuar bin Ahamad Ibrahim

For the quarter under review, SCIB's loss before tax (LBT) narrowed by 65.3% to RM942,000 compared with LBT of RM2.7 million in 1Q FY2022.

On a segmental basis, revenue contribution from manufacturing increased 26.8% to RM24.2 million in 1Q FY2023 compared with RM19.1 million in the corresponding quarter of the previous financial year while revenue contribution from the engineering, procurement, construction and commissioning (EPCC) business decreased 16.9% to RM6.2 million from RM7.4 million.

Group Managing Director of SCIB, Encik Rosland bin Othman, said, "The manufacturing business continues to be the mainstay in the quarter under review. It has also returned to profitability as there was a profit before tax of RM1.0 million compared with LBT of RM217,000 in 1Q FY2022 mainly attributable to the increase in revenue and contribution margins from the sales of concrete products and lower administrative expenses. The EPCC business saw a slight decline and while there was a loss, profitability actually improved as a result of lower administrative expenses."

"We remain cautiously optimistic as we leverage on our strengths as the largest precast concrete and Industrialised Building System (IBS) manufacturer in Sarawak and Sabah to continue seeking opportunities in Peninsular Malaysia and Indonesia focusing on small-to-mid-sized infrastructure for water, electricity, roads, health and education projects.

Chairman of SCIB, Encik Shamsul Anuar bin Ahamad Ibrahim added, "We view favourably Sarawak Economic Development Corp's successful tender of the RM448 million System Package Two contract for the Kuching Urban Transportation System project phase one as such projects have positive spillover for the state economy."

"The Company recently unveiled an IBS sample house built with 3D printer technology to showcase the important role technology has and will continue to have in the construction industry. These technology initiatives will play an increasingly important role for us as we transform to meet the challenges of the present and the future," En. Shamsul Anuar said.

The Company also announced separately on the stock exchange that SCIB and its wholly-owned subsidiaries, SCIB International (Labuan) Ltd., SCIB Properties Sdn. Bhd. and SCIB Industrialised Building System Sdn. Bhd, have issued notices of termination to four clients to mutually terminate contracts with them.

En. Rosland said, "The Company is enforcing its rights under the contracts and taking the necessary measures to protect SCIB's interests in mitigating the risks arising from the long-overdue debts owing by the clients or the slow or non-movement of progress for projects that these clients have undertaken due to uncertainties arising from the COVID-19 pandemic as well as the economic and political situations. We also made this decision after reviewing and updating the Company's order book records to reflect the current situation."

As of 30 November 2022, SCIB has an order book of RM564.7 million with earnings visibility until 2026.

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB],

Topic: Earnings
Source: Sarawak Consolidated Industries Bhd

Sectors: Daily Finance, Daily News, Construct, Engineering, Local Biz
From the Asia Corporate News Network

Copyright © 2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Sarawak Consolidated Industries Bhd
Jan 27, 2023 13:00 HKT/SGT
SCIB Enforces Rights to Withdraw from Project
Jan 11, 2023 18:00 HKT/SGT
SCIB Proposes Private Placement to Raise Up to RM10.98 Million
Dec 8, 2022 18:00 HKT/SGT
SCIB Concludes 46th AGM Successfully
Oct 25, 2022 15:00 HKT/SGT
SCIB Announces Changes at Board Level
Oct 4, 2022 14:00 HKT/SGT
SCIB Unveils Sample IBS House Built with 3D Technology
Sept 15, 2022 21:00 HKT/SGT
Sarawak Consolidated Industries Berhad Appoints Directors
Aug 26, 2022 18:00 HKT/SGT
Sarawak Consolidated Industries Berhad Posts RM26.2 Million Revenue in 4Q
Aug 3, 2022 14:30 HKT/SGT
Sarawak Consolidated Industries Berhad Signs MoU for Indonesian 4G Telco Tower Project
June 15, 2022 13:00 HKT/SGT
Sarawak Consolidated Industries Berhad Welcomes New Batch of Trainees for Industrial Training
June 13, 2022 19:00 HKT/SGT
Sarawak Consolidated Industries Bhd Provides Further Clarification on LOA from Ennova
More news >>
 News Alerts
Copyright © 2023 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: