SARAWAK CONSOLIDATED REPORTS NET LOSS OF RM1.33 MLN IN Q2

KUALA LUMPUR, March 1  -- Sarawak Consolidated Industries Bhd (SCIB) reported a net loss of RM1.33 million in the second quarter ended Dec 31, 2021, while revenue stood at RM38.15 million.

There is no comparison for the corresponding quarter of the previous financial year as SCIB changed its financial year-end to June 30, 2021 from the financial year-end Dec 31, it said in a filing with Bursa Malaysia on Monday.

In a separate statement, SCIB said on a segmental basis, the manufacturing division is the largest contributor to the revenue at RM23.74 million, followed by the construction division and the property trading division at RM14.01 million and RM388,000, respectively.

Group managing director/ chief executive officer Rosland Othman said the group is still committed to creating value and optimising performance in the year ahead.

“We take active measures in managing existing projects and closely work with our customers, suppliers and business partners to ensure smooth project delivery.

“SCIB has also taken steps to strengthen our internal records and practices, which include a systematic and thorough analysis of project owners for future contracts to enhance the payment collection process,” he said.

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Rosland said the group has established an in-house construction execution team for better project control and expanding its building materials manufacturing facilities to support the works in Peninsular Malaysia.

“We are also adopting advanced technology to achieve automation for higher cost-and-time efficiency, lower the risk of human errors and solve the labour shortage issue,” he said.

SICB has completed the installation of its first 3D printing system from COBOD International, and it is pending commissioning from overseas equipment engineers, adding that it is also looking to implement 3D printing into the Malaysian construction industry.

“We are collaborating with the Construction Industry Development Board (CIDB) to construct an IBS sample house and explore the potential application of this technology in the domestic landscape. We believe this can further enhance the overall operational efficiency in the future,” he said.

Currently, SCIB’s target market for business growth is to focus on public and private projects that can help fulfil the public needs and propel the country’s development such as public infrastructure, roadworks, building maintenance, township development, renewable energy infrastructures, utility plants, educational institutions, and healthcare facilities.

“Moving forward, SCIB is hopeful for our prospects for the years to come, as our current order book value stood at RM1.3 billion as at December 2021 and this translates into healthy earnings visibility up to 2026,” he added.

SCIB aspires to be one of the main players in the global market and strives its best to grow the group’s business prudently by strengthening its capabilities and capacities, as well as grabbing any business opportunities that will emerge this year, further improving its existing order book.

SCIB today passed four resolutions at its 45th  Annual General Meeting (AGM).

They were namely, the re-appointment of NEXIA SSY PLT as the auditors and authorisation of the directors to fix their remuneration; the authorisation of the directors to issue and allot shares pursuant to Sections 75 and 76 of the Companies Act 2016; the approval of the proposed renewal of shareholders mandate for recurrent related party transactions of a revenue or trading nature (Proposed Shareholders Mandate); and approval of the proposed the authority for a share buy-back.

-- BERNAMA