Widad cautiously optimistic on performance this year

Widad said the outlook for 2020 remained challenging and uncertain as the full impact of the Covid-19 pandemic is yet to be ascertained.

PETALING JAYA: Widad Group Bhd’s net profit for its first quarter (Q1) ended March 31,2020 tumbled by 65.5% year-on-year (y-o-y) as slower work progress post Covid-19 and the completion of its two prior projects weighed on its financial performance.

The group, which is involved in construction activities and integrated facilities management (IFM) services, told Bursa Malaysia that its net profit for the January-March 2020 period fell to RM2.15mil. A year earlier, its net profit was at RM6.21mil.