KUALA LUMPUR: Bina Puri Holdings Bhd is upbeat on the global business environment, as countries around the world ramp up their vaccination campaigns to combat the Covid-19 pandemic.
Chairman Tan Sri Wong Foon Meng said the group is eyeing opportunities to expand its business both inside and outside Malaysia.
“Our construction division is currently involved in various projects both locally and internationally.
“We continue to scour both foreign and domestic landscapes in search of new opportunities while, at the same time, leverage on our existing projects to amass wealth for the group’s coffers,” he said in Bina Puri’s recently released annual report.
Wong pointed out that the current value of unbuilt works in progress for Bina Puri stands at RM1.03bil.
“The group is on the lookout for more projects to increase its order book and will participate in these opportunities either through tender participations or negotiations inside and outside the country.”
Bina Puri’s business segments include construction, property development, quarry and ready mix concrete, polyol manufacturing and power supply.
In terms of the group’s property development division, Wong said Bina Puri has several ongoing developments in Johor, Pahang, Sabah and Sarawak with an estimated gross development value of RM1.2bil.
“Additionally, the group has been exploring business opportunities and ventures in solar and gas power supply both locally and overseas, primarily in Sabah and Indonesia.
“Bina Puri expects to secure the approval and signing of the power purchase agreement for a new solar power plant development in Kunak, Sabah within the first half of 2022.”
Additionally, Wong said the group will continuously explore new markets to expand its revenue and client base in order to minimise any impact brought on by the Covid-19 pandemic, as well as the weak economic conditions experienced worldwide.
In combating the negative effects of the pandemic, he said Bina Puri had begun exercising cost cutting efforts even before the pandemic.
“During the height of the restrictions, the group had begun implementing a four-day work week, as well as systematic expense curtails that allowed the company to remain resilient throughout the year.
“Additionally, through the sale of agricultural land in Karak and despite recording losses in both of the group’s main business segments, Bina Puri is still competitively strong in the market.”
Commenting on the Malaysian business environment in general, Wong is optimistic that the country’s economy is on a steady path towards recovery.
“The country’s economy is expected to be cushioned by several factors, including the continued allowances for essential economic sectors to operate, higher adaptability to work remotely and an increase in automation and digitalisation.
“These are further supported by policy measures that will provide cash flow for affected households and businesses,” he said.