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BUSINESS

MARC affirms rating on Bina Darulaman's Islamic commercial papers

30/08/2021 01:49 PM

KUALA LUMPUR, Aug 30  -- Malaysian Rating Corp Bhd (MARC) has affirmed its short-term rating of MARC-2IS on Bina Darulaman Bhd's (BDB) RM100 million Islamic commercial papers programme for the fourth year running with a stable outlook.

The Kedah State Development Corporation subsidiary said MARC, in its latest rating review issued in August 2021, stated that the rating incorporated BDB’s competitive strength to undertake public infrastructure and construction contracts in Kedah, its available landbank for property development and adequate cash balances.

“MARC’s report noted that BDB had continued its turnaround despite a challenging business environment in 2020 as a result of the COVID-19 pandemic,” it said in a statement today. 

BDB reported a group profit before tax of RM8.5 million in the financial year ended Dec 31, 2020, up 26 per cent from the previous year.

President and group chief executive officer Faris Najhan Hashim said the MARC report effectively validated the company’s management strategy and execution to create a sustainable business model and generate long-term value to shareholders.

“As a result of ongoing restructuring strategy towards long-term sustainable business profitability, BDB has realigned core businesses into two core divisions, namely, the property development division and engineering, construction and quarry division,” he said in the statement.

Faris Najhan said the consolidation approach of resources and focus on the group’s core competencies had paid off and proved to be crucial to the group’s improved financial performance and competitiveness in 2020 and 2021.

He added that the setting of strategic policy and direction by board of directors, as well as the execution and delivery of those policies by senior management team, had been harmonised to ensure the delivery of key company goals and key performance indicators.

The group’s continued rebalancing and optimisation of its core business operations was geared towards ensuring the continuity and resilience of BDB as a viable operating entity, he said.

“In order to achieve these outcomes, BDB’s board and management are committed to adopt a robust and independent decision-making process with regards to project investment, one that is based on data, insights and industry experience of the management team,” Faris Najhan said.

He also noted that the ongoing national vaccination programme, the restarting of economic and business activity coupled with robust demand for affordable housing in Kedah would be a boost for BDB’s new growth amid improved business conditions in the coming months and years.

-- BERNAMA

 

 


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