KUALA LUMPUR: Infrastructure company TALIWORKS CORPORATION BHD posted a stronger set of earnings in the third quarter ended Sept 30,2019 with its net profit surging to RM72.63mil from RM19.68mil a year ago.
Its revenue dipped to RM93.62mil from RM98.36mil a year ago. Its earnings per share were 3.6 sen compared with 0.98 sen.
It declared an interim dividend of 1.20 sen a share, amounting to RM24.2mil to be paid on Feb 25,2020.
Taliworks achieved a steady revenue contribution from its core businesses, namely from its water treatment, supply and distribution business and its toll highway business.
After the completion of the Selangor State Water Restructuring Exercise, Taliworks recorded a one-off gain arising from the modification to the outstanding receivables due from Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) pursuant to the Termination and Settlement Agreement; and received waivers granted to Sungai Harmoni Sdn. Bhd. by creditors, which amounted to a combined total of RM56.6mil in 3Q.
For the nine months ended Sept 30, its net profit jumped to RM95mil from RM44.70mil in the previous corresponding period. Its revenue dipped to RM271.57mil from RM277.13mil.
Commenting on the results, Taliworks executive director Datuk Ronnie Lim said, “We are pleased that we have delivered sustainable financial performances over the past three quarters of 2019.
“Looking ahead, we are optimistic we can continue to achieve positive earnings and shareholders’ value by focusing on our core businesses. I am looking forward to our full year results, of which I am confident will meet the company’s expectations.”
Meanwhile, Taliworks said Tunku Ali Redhauddin Ibni Tuanku Muhriz was appointed chairman and Datuk Roger Tan Kor Mee as an independent non-executive director with effect from Wednesday.
Taliworks executive director Datuk Ronnie Lim said Tunku Ali’s recognition as a Young Global Leader in 2013 demonstrated his exemplary leadership skills.
“We are also very fortunate to have Datuk Tan on board. He has strong credibility within the legal field and is therefore the unanimous choice to join us.
“Both bring diverse perspective and expertise to our board. Under their leadership, I believe they will bring fresh insights to Taliworks. As such, we are very well-positioned to further execute our long-term strategies to drive our earnings visibility.
“In fact, both Tunku Ali and Datuk Tan are joining us at a very exciting time, now that the Selangor Water Restructuring Exercise has been completed. Their vast experiences and extensive skills will bring Taliworks to the next level as we work together to achieve and execute our strategic plans, ” Lim said
The company said Tunku Ali brings with him significant experience in the global investment field, having been with Khazanah Nasional Bhd from 2004 to 2010, where he was a director in the investment division.
At Khazanah, he worked on a number of transformational projects and new investments.
Prior to Khazanah, Tunku Ali gained international client service experience while serving in McKinsey & Company as a management consultant from 1998 to 2004 where he worked on corporate strategy, organisational and governance projects in Europe, North America and Asia.
He is also independent chairman of Bumi Armada Bh and a senior adviser to TPG Capital, a global private equity firm, sitting on the boards of several TPG portfolio companies.
Taliwork said Tan is a lawyer by profession. He obtained his Bachelor of Laws (Honours) Degree from Queen Mary College, University of London in 1987. He is also a barrister-at-law from the Honourable Society of Gray’s Inn, London.
He holds a Master of Laws degree from the National University of Singapore.
He is the managing partner of Roger Tan & Partners. He was a commissioner with the National Water Services Commission (SPAN) from June 2009 till May 2017.
Tan had actively contributed to the legal community, including as a Bar Council member from 2004 to 2009 and from 2017 until now, during which he chairs the Conveyancing Practice Committee.
He is on the Advocates & Solicitors Disciplinary Board for the 2017-2019 term, a role which he had previously served from 2013 to 2015. He is also currently a president of the Strata Management Tribunal.
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