Kuching, Nov 29: Sarawak Consolidated Industries Berhad (“SCIB”) announces a notable achievement in its Q1FY2024 financial results, showcasing both revenue growth and a return to profitability.
The Company’s impressive turnaround underscores the effectiveness of its strategic management.
The Group reports a robust revenue of RM39.4 million for the quarter, marking a substantial 30 per cent increase from RM30.3 million in the same period last year.
Notably, SCIB has transitioned into profitability with a profit before tax (“PBT”) of RM2.1 million, a significant recovery from the RM0.9 million loss in the corresponding quarter of the previous fiscal year.
The Manufacturing division, a key driver of SCIB’s success, achieved a revenue of RM29.6 million and a PBT of RM4.2 million.
This signifies a noteworthy improvement from the RM24.2 million in revenue and RM1 million in PBT recorded in the same quarter of the previous year, attributed to increased sales volume of foundation piles and improved profit margins.
In the Construction/EPCC segment, SCIB reported a revenue of RM9.8 million, reflecting positive developments from ongoing road maintenance and school projects.
Despite a marginal loss before tax (“LBT”) of RM0.3 million, primarily due to higher expenditures, the Company’s overall performance is commendable.
Compared to the previous period, SCIB’s financials demonstrate significant growth, with revenue increasing by 18.3 per cent to RM39.4 million.
This substantial improvement reflects the Company’s strong sales performance and operational efficiencies.
Moreover, the PBT witnessed a remarkable leap, highlighting SCIB’s successful strategic turnaround and effective decision-making by the management.
Ku Chong Hong, Managing Director of SCIB, expressed, “This quarter’s performance is a clear indicator of SCIB’s resilience and strategic prowess. Our return to profitability is not just a number; it’s a story of our relentless pursuit of excellence and efficiency in all our operations. We’re now reaping the benefits of our focused strategies and robust management practices. Looking forward, we are excited about the prospects and opportunities that lie ahead, especially with Malaysia’s economic resurgence and the initiation of substantial infrastructure projects. SCIB is fully committed to capitalizing on these opportunities to create lasting value for our stakeholders.”
SCIB’s strategic initiatives, including recent MOUs with Irix Sdn. Bhd. and PT MRT Jakarta and securing Islamic Banking Facilities of RM34.0 million, position the Company for continued growth. With a strong order book balance of RM257.19 million, SCIB is well-prepared to expand further and sustain its growth trajectory.
SCIB’s Q1FY2024 results are not just figures but a testament to the Company’s dynamic leadership and its unwavering commitment to excellence.
As the economic landscape evolves, SCIB stands ready to embrace new challenges and opportunities, steering confidently towards a future filled with promise and success.
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