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KUALA LUMPUR: Central Global Bhd (CGB) posted RM203.90 million in revenue, a growth of RM96.85 million or 90%, for its cumulative 12-month financial period ended Dec 31, 2022.

It said this today when announcing interim results for the fourth quarter (Q4) and consolidated results for the financial year ended Dec 31 2022.

CGB posted profit after tax (PAT) of RM12.79 million, an increase of RM19.88 million, for the year, from a loss after tax of RM7.09 million in the preceding year.

Meanwhile, the group’s Q4’22 saw revenue and PAT of RM57.95 million and RM1.98 million, respectively.

CGB’s construction segment continued to be the group’s major revenue contributor with RM146.05 million, comprising approximately 72% of the group’s total revenue. The growth of RM96.85 million in the group’s total revenue for the cumulative 12-month period ended Dec 31, 2022 continued to be driven by the infrastructure construction project namely the Lahad Datu Phase 1 Water Supply System, and its residential construction projects, specifically the Montage and Beacon projects.

CGB’s group managing director Chew Hian Tat (pic) said, “Our strong FYE2022 results were underpinned by the stellar performance of our construction segment. At the moment, our outstanding order book stands at RM383.51 million as a result of our active residential and infrastructure construction projects. To ensure a healthy replenishment of projects, we continue to source for opportunities in both the domestic and regional markets.”

Despite the local construction industry’s anticipated subdued outlook in 2023, the Group is hopeful that faster-than-expected rollout of Mass Rapid Transit 3 and a potential bump-up in development expenditure (DE) allocation in 2024 and 2025 by the government to meet the RM400 billion planned DE under the 12th Malaysia Plan will be the catalysts for the industry’s growth.

“Our manufacturing segment faced moderate headwinds as a result of the on-going price war amongst other masking tapes industry players which impacted our revenue to a certain degree. Nevertheless, we remain optimistic of a better performance in the upcoming quarters, especially with our new mixers installed and commissioned which will lead to increased productivity and efficiency,” he added.

Source: The Sun Daily

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