Gagasan Nadi posts four-fold increase in Q2 net profit


Group managing director Wan Azman Wan Kamal (pic) said the company had continued to benefit from its diversified business model, as the resilient performance from its property segment helped mitigate the weaker construction segment.

PETALING JAYA: Driven by its property development segment, Gagasan Nadi Cergas Bhd’s net profit jumped more than four-fold to RM7.53mil for the second quarter ended June 30, 2021 (Q2’2021) from RM1.61mil during the movement-control-order-affected Q2’2020.

For the quarter in review, the construction group’s revenue rose 25.1% to RM50mil from RM40mil in Q2’2020.

In a statement, Gagasan Nadi said its property development segment played a vital role in the better performance, with the segment’s revenue growing to RM15mil in Q2’2021 from RM1.6mil previously.

For the six months to June 2021 (H1’2021), the group’s net profit doubled to RM12.5mil from RM5.6mil in H1’2020, while revenue rose to RM104mil from RM95mil.

Gagasan Nadi’s outstanding order book stood at RM1.7bil as of end-June 2021.

Group managing director Wan Azman Wan Kamal (pic) said the company had continued to benefit from its diversified business model, as the resilient performance from its property segment helped mitigate the weaker construction segment.

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