Haily Group posts net profit of RM2.8mil in 1Q


Haily founder and executive director See Tin Hai

KUALA LUMPUR: Haily Group Bhd, which is en route to a listing on the ACE Market of Bursa Malaysia on July 21, posted a net profit of RM2.79mil in the first quarter ended March 31.

In a statement, Haily said it recorded a revenue of RM43.3mil. This was mainly contributed from the group’s construction of residential and non-residential buildings which accounted for RM43.21mil or 99.80% of the total revenue, while the balance of RM90,000 was derived from its civil engineering construction works and rental of construction machinery and equipment.

The board also declared an interim dividend of 1.68 sen per ordinary share, amounting to a total payout of RM2.99mil, in respect of the financial year ending Dec 31, 2021, on an entitlement date and payment date to be determined and announced after Haily's listing.

Haily founder and executive director See Tin Hai said that the group has weathered the cloudy economic conditions well, and that the unbilled order book is expected to continue generating revenue until 2023.

As at June 10, Haily had 18 on-going building construction projects as well as two civil engineering related construction projects.

Its total secured contract value and unbilled contract value stood at RM460.04mil and RM249.58mil respectively.

“In light of the uncertainties arising from Covid-19, the group remains cautiously optimistic of its prospects and the outlook of the construction industry with the expected recovery by the end of the current financial year.

“Nevertheless, the group has persevered thus far and the group views that its financial results for FY21 will remain favourable,” See said.

Of the RM20.40mil to be raised from its public issue, Haily plans to use RM4.20mil (20.59%) for the purchase of construction machinery, equipment as well as new contract management and accounting software and office equipment, RM6mil (29.41%) for working capital for construction projects, RM7mil (34.31%) for repayment of bank borrowings, and the remaining RM3.2mil (15.69%) for listing expenses.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Haily Group , Ace Market , IPO

   

Next In Business News

GLOBAL MARKETS-US stock markets hit new highs
CPO futures rally to breach RM4,200, highest level in two months
KPMG's banking audits not up to scratch, says UK watchdog
BAT Malaysia Q2 net profit climbs on higher sales volume
Challenges in maintaining economic recovery
China stocks fall as foreigners turn net sellers under Connect
Citi best bank for corporate responsibility in Asia
Thai June exports at 11 year high as global demand rebounds
Ant-backed Zomato's roaring India debut sets pace for internet-based startups
Central Global appeals for reopening of Kedah factory

Stories You'll Enjoy


Vouchers