KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) said it is on track to achieve an internal target to secure RM1.5bil worth of contracts this year after the company reported a strong first quarter results.
"At present, the Group has secured RM1.1bil order book of works which can be translated into earnings for this and next financial years," SCIB said in a filing with Bursa Malaysia today.
Net profit in the three-month ended March 31 jumped to RM4.2mil, 4.98 sen a share compared with RM1.6mil, or 1.85 sen a share made a year ago.
Revenue increased three-fold to RM51.78mil from RM17.4mil previously.
In Sarawak, the company controlled by Serba Dinamik Holdings Bhd founder Datuk Mohd Abdul Karim Abdullah, is eyeing several upcoming state-funded infrastructure development projects.
"Banking on strong foothold established in the state, the Group is hopeful of tapping its localised advantage to provide supports for the development projects," it said.
Outside of Malaysia, the group is eyeing to broaden its markets in Indonesia, Oman, Qatar and UAE based on the management’s experiences and networks.
"There are several construction jobs opportunities have been sighted not only from neighbouring country following the relocation of capital from Jakarta to Kalimantan, but also the infrastructure requirements from Qatar for hosting the FIFA World Cup and from UAE for organising the World Expo, as well as the development of Special Economic Zone which has attracted the international investment flow into Oman," it said.
Did you find this article insightful?
100% readers found this article insightful