ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
Home
Press release
Nov 30, 2022 21:00 JST
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],
http://scib.com.my
Source: Sarawak Consolidated Industries Bhd
Sectors: Daily Finance, Daily News, Construct, Engineering, Local Biz
Copyright ©2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
MHI Inks MoU with TNB Genco on Clean Energy Technologies to Drive Decarbonization in Malaysia
Jun 07, 2023 15:56 JST
Aiming to Realize an Ever-Better Mobility Society, Toyota Mobility Foundation Selects 12 Teams for 2023 to Work on Activities in the "Mobility for ALL" Category of its Idea Contest
Jun 07, 2023 10:56 JST
JNTO, Mazda Motor Corporation, and TOYOTA GAZOO Racing Jointly Holding "Japan. Endless Discovery." Exhibit on Centenary of Le Mans 24 Hours Race
Jun 06, 2023 17:21 JST
NEC to supply East Micronesia Cable System (EMCS)
Jun 06, 2023 16:18 JST
Transgene and NEC Present New Data on TG4050, an Individualized Cancer Vaccine, Showing it Induces Specific Immune Responses against Head and Neck Carcinoma at ASCO 2023
Jun 06, 2023 15:58 JST
Fujitsu 1FINITY Ultra Optical System selected by NTT for next Japan-wide core network
Jun 06, 2023 11:53 JST
Olympus Announces Plan to Establish Digital Excellence Centers Following Acquisition of Cloud-AI Endoscopy Startup Odin Vision
Jun 05, 2023 16:00 JST
Olympus Announces Plan to Establish Digital Excellence Centers Following Acquisition of Cloud-AI Endoscopy Startup Odin Vision
Jun 05, 2023 16:00 JST
Lexus Celebrates the World Premiere of the All-New LBX
Jun 05, 2023 15:35 JST
Mitsubishi Shipbuilding to Launch Technical Studies on Ammonia Fuel Supply System for Marine Engines under Development by WinGD
Jun 05, 2023 13:52 JST
Rovanpera increases lead with podium for TOYOTA GAZOO Racing
Jun 05, 2023 11:02 JST
JCB and Joint Stock Commercial Bank for Investment and Development of Vietnam launch the BIDV JCB Ultimate Credit Card in Vietnam
Jun 02, 2023 16:00 JST
Eisai to Present Latest Data on Lemborexant at the 37th Annual Sleep 2023 Meeting
Jun 02, 2023 12:20 JST
Historic Le Mans awaits TOYOTA GAZOO Racing
Jun 01, 2023 17:07 JST
JCB announces the latest status of carbon neutrality
Jun 01, 2023 12:00 JST
JCB announces the latest status of carbon neutrality
Jun 01, 2023 12:00 JST
Toyota Announces Changes to Organizational Structure and Senior Professionals/Senior Management
May 31, 2023 22:44 JST
MHI: Continuation of Maintenance of Manila MRT-3 in the Philippines
May 31, 2023 21:58 JST
Mitsubishi Motors to Unveil an All-New Compact SUV in Indonesia in August - Equipped with a New Automotive Sound System as a Collaboration with Yamaha
May 31, 2023 19:11 JST
Tokyo Kiraboshi FG and MC Sign Business Alliance Agreement
May 31, 2023 12:20 JST
More Latest Release >>
Related Release
SCIB Posts Revenue of RM32.4 Million for 3Q
May 25 2023 22:00 JST
SCIB Granted RM16.8 Million Contract for School Construction
March 28 2023 13:00 JST
SCIB Awarded RM20.65 million Project to Rebuild School
March 02 2023 19:04 JST
SCIB Posts Higher Revenue of RM66 Million in 1H FY2023
February 27 2023 18:00 JST
SCIB Terminates Indonesian Project
February 14 2023 18:00 JST
SCIB and Bintai Kinden in Strategic Alliance
February 07 2023 14:10 JST
SCIB Enforces Rights to Withdraw from Project
January 27 2023 13:00 JST
SCIB Proposes Private Placement to Raise Up to RM10.98 Million
January 11 2023 18:00 JST
SCIB Concludes 46th AGM Successfully
December 08 2022 18:00 JST
SCIB Announces Changes at Board Level
October 25 2022 15:00 JST
More Press release >>