PETALING JAYA: WZ Satu Bhd has returned to the black in its first quarter (Q1) ended March 31, posting a net profit of RM1.1mil on the back of higher revenue, after having reported twelve consecutive losses since Q3 of 2018.
In a filing with Bursa Malaysia, the company said it had posted a revenue of RM68.05mil supported by higher contributions from its civil engineering and construction (CEC), oil and gas (O&G) and manufacturing segments.
WZ Satu said it was confident that the profit momentum was sustainable.
“The new management which is headed by Suhaimi Badrul Jamil, (pic) the group chief executive officer, has successfully implemented a turnaround plan with the advice and oversight from the board of directors, ” it said.
Suhaimi said the group would continue to improve its financial performance with the growing order book and the many initiatives put in place.
“The recent successful oversubscribed rights issue of irredeemable convertible preference shares together with free detachable warrants in WZ Satu in which we have successfully raised gross proceeds of RM56.28mil is a testament to the investors’ confidence in the company.
“We are now on a stronger financial footing and in a better position to fund any future growth, ” he added.
Moving forward, WZ Satu said the group is embarking on various opportunities to improve the contributions for the CEC and O&G segments by instituting several initiatives.
“We are actively tendering for projects in order to boost the order books and to provide positive contributions to the group’s bottomline, ” it added.