KUALA LUMPUR: Sarawak Consolidated Industries Bhd posted a strong set of financial results in the third quarter ended Sept 30,2020 as its revenue jumped over 740% to RM183.73mil from RM21.86mil a year ago.
In its announcement on Thursday, SCIB said the revenue surge also boosted its profit before tax to RM14.32mil from only RM752,000 a year ago while its net profit jumped to RM12.43mil.
SCIB said revenue growth was driven by its construction/ engineering procurement construction and commissioning segment.
This segment accounted for RM162.11mil or 88.2% of total revenue from only RM83,000 a year ago, mainly due to higher revenue generated from the Middle-East region such as Oman and Qatar.
Its manufacturing segment’s revenue dipped by 1% to RM21.62mil from RM21.78mil due to the Movement Control Order and saw a slowdown in sales.
For the nine months, its revenue jumped 425% to RM330.42mil from RM57.16mil in the previous corresponding period. SCIB said net profit surged by 876% to RM21.78mil from RM2.23mil.
SCIB group MD and CEO Rosland Othman said the group recorded notable increase in its revenue amid these challenging times.
“We aim to maintain this momentum going forward with our recently signed EPCC contracts worth a combined value of RM707.24mil in Abu Dhabi, Malaysia and Indonesia.
“These three projects that the company has secured will definitely boost our order book and also our company’s financial position. Two of these projects, located in Abu Dhabi and Indonesia, are also evidence that we are determined to expand globally, thus enhancing our company’s global recognition, ” it said.
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