KUALA LUMPUR: Bintai Kinden Corp Bhd returned to the black in its 2022 financial year with a net profit of RM4.6mil compared with a net loss of RM9.3mil in the previous year.
Earnings per share in FY22 stood at 0.96 sen, compared with a loss per share of 2.87 sen a year ago.
For the full year, the mechanical and electrical (M&E)engineering services group reported revenue of RM96.28mil, which was 65.25% higher than RM58.26mil in the year before on higher contribution from its M&E segment.
"The M&E segment was a key revenue growth driver in the quarter, helping lift the Company’s top line in 4QFY2022 by 119.9% year-on-year to its strongest since 2020 at RM37.9 million, from RM17.3mil in 4QFY2021.
“During the year under the review, Bintai Kinden has secured three M&E contracts amounting to RM65.9mil from Tenaga Nasional Bhd," said Bintai Kinden executive director Azri Azerai in a statement.
As at March 31, 2022, the company had an outstanding order book of RM163.2mil, which he said would keep the company busy for the next two financial years.
For the fourth quarter alone, the group posted net profit of RM1.17mil compared a net loss of RM6.04mil.
Revenue nearly doubled year-on-year to RM37.94mil in 4Q compared with RM17.26mil in the previous corresponding quarter.
Moving forward, Azri said Bintai Kinden will continue to focus on its core business in the M&E and healthcare segments and endeavour to secure more opportunities and recurring projects in Malaysia which are able to contribute positively to the future earnings of the group.
“We are seeing an upward trend in the oil and gas (O&G) and renewable energy industries.
“In April, the company secured a series of sub-contract projects from Petro Flanges & Fittings Sdn Bhd to supply piping materials to established O&G related companies in Malaysia.
“There are a few more opportunities in the pipeline that we are currently working on. We look forward to expanding our portfolio in the O&G and renewable energy industries,” he added.
Azri said the company will also be assessing the risks and opportunities of diversification into other business segments with the right strategy and available resources in order to enhance its revenue growth.