PETALING JAYA: Construction services company Tuju Setia Bhd reported net profit of RM3.49 million on a revenue of RM59.29 million in its first quarter ended March 31, 2021 (Q1’21).
Tuju Setia’s Q1’21 revenue was derived from billings from seven on-going construction projects comprising Mutiara Central Office Suites (Cheras), Riana Dutamas – Phase 2 (Segambut), The Pulse Residence (Bandar Puteri Puchong), PPAM Sofiya Residensi (Desa ParkCity), Emerald Hills – Phases 3 and 4 (Cheras), TUAI Residence (Setia Alam), and the Kajang Women and Children Hospital.
Since the end of Q1’21, the group increased its balance order book to RM1.26 billion by securing additional construction contracts, namely Packages 1, 2 and 3 for One Equine (Seri Kembangan). This balance order book is expected to contribute positively to the results of financial year ending Dec 31, 2021 (FY21) and sustain its profitability until FY26.
Managing director Wee Eng Kong said its current base of nine on-going construction sites across Klang Valley would ensure optimal utilisation of its machinery and manpower resources, while contributing to its financial performance for five years.
“Hence, the proceeds from our recent initial public offering are certainly timely in increasing our capacity to manage a larger base of on-going projects, including deploying Building Information Modelling (BIM) to streamline our design and construction activities to manage and coordinate the entire construction process.
“With our strong track record, we hope to secure more projects from our RM3.6 billion tender book, of which 20% is for the design and construction of hospitals and healthcare facilities. We are glad to play our role in supporting hospitals’ and healthcare facilities’ owners drive to increase their hospital bed capacity and to ably safeguard the well-being of the general population,” Wee said in a statement.
Tuju Setia was listed on the Main Market of Bursa Malaysia Securities Bhd last Wednesday. As this is Tuju Setia’s first interim financial report on consolidated results announced in compliance with the Main Market Listing Requirements, there is no comparison to the preceding year corresponding quarter and period.
Source: The Sun Daily
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