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
DENSO Announces Organizational and Executive Changes
Dec 04, 2023 18:12 JST
All-New Triton Earns Top Rating in 2023 ASEAN NCAP
Dec 04, 2023 17:07 JST
Fujitsu and KDDI Research successfully implement large-capacity multiband wavelength multiplexing transmission with installed optical fiber
Dec 04, 2023 10:34 JST
GC Collaborates with MHI to explore the utilization of hydrogen, ammonia and CCS technology to develop a large-scale petrochemical plant to achieve Net Zero
Dec 01, 2023 17:22 JST
NEC named among IAM's 2023 Asia IP Elite
Dec 01, 2023 14:50 JST
Eisai's Sales Subsidiary Collaborates with Ministry of Public Health (MOPH) in Thailand
Nov 30, 2023 16:25 JST
Boosting Growth Investment to Power Mobility Company Transformation Toyota-DENSO Capital Ties Revised
Nov 30, 2023 16:17 JST
Olympus's Net-Zero Targets Approved by SBTi
Nov 30, 2023 11:00 JST
Fujitsu and Macquarie University establish new research lab to accelerate development of human sensing and generative AI technologies
Nov 30, 2023 09:34 JST
NEC X and Entrepreneurs Roundtable Accelerator (ERA) Forge Strategic Partnership to Advance East Coast-based Startups
Nov 29, 2023 18:37 JST
MHI Selected as Core Company for New Research Reactor for JAEA
Nov 29, 2023 18:22 JST
Toyota: Sales, Production, and Export Results for October 2023
Nov 29, 2023 16:17 JST
Toyota Re-introduces the Land Cruiser "70" in Japan
Nov 29, 2023 13:30 JST
Mitsubishi Shipbuilding Holds Christening and Handover Ceremony in Shimonoseki for Demonstration Test Ship for Liquefied CO2 Transport
Nov 28, 2023 17:47 JST
Hitachi awarded Sustainable Markets Initiative 2023 Terra Carta Seal
Nov 28, 2023 17:43 JST
MHI Succeeded Combustion Test of Ammonia Single-Fuel Burners
Nov 28, 2023 16:40 JST
JCB partners with FrenchSys to boost card acceptance across France
Nov 28, 2023 12:00 JST
Toyota Launches IMV 0 in Thailand Providing Mobility to Make People's Lives Better through Customizability
Nov 27, 2023 17:30 JST
MHI and Orica Announce Collaboration to Explore Emissions Reduction Opportunities
Nov 27, 2023 15:29 JST
Mitsubishi Motors to Launch the New Minicab EV Electric Commercial Vehicle in Japan in December
Nov 24, 2023 16:32 JST
More Latest Release >>
Related Release
The 15th Annual Global CSR & ESG Awards Honours 2023 Winners
August 30 2023 12:00 JST
SCIB Reports Q4FY2023 Financial Results with Revenue of RM33.3 Million, Gross Profit of RM6.5 Million and Highlights Growth Opportunities
August 29 2023 14:00 JST
Sarawak Consolidated Commences Legal Action against Dynamic Prestige Consultancy
July 27 2023 15:49 JST
SCIB Celebrates Sarawak Day With Life-Saving Blood Donation Drive
July 21 2023 18:00 JST
SCIB Announces Restructuring at Board Level
June 28 2023 18:00 JST
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
More Press release >>