PETALING JAYA: Kerjaya Prospek Group Bhd will be focusing on its construction segment to be the main revenue driver for the group.
In a filing with Bursa Malaysia yesterday, the company said it intends to maintain its manufacturing segment to complement its core business, notwithstanding the group's objective to expand its core business into construction.
For its third quarter ended Sept 30, 2022, Kerjaya Prospek’s net profit rose to RM28.81mil from RM24.18mil in the previous corresponding period, while revenue grew to RM259.40mil from RM222.64mil in the previous corresponding period.
Basic earnings per share stood at 2.28 sen versus 1.95 sen previously.
Kerjaya Prospek said the increase in group revenue for the quarter under review was mainly due to improvement in progress of construction work activities and profit margin.
“On the property development segment, the Vista Residence project at Genting Permai was completed in 2019 and the group made a soft launch for its The Vue @ Monterez project in June 2022.
“As of the date of this report, the property development segment has minimal contribution to the group's results,” said the company.
Kerjaya Prospek also declared a third interim dividend of one sen per ordinary share, to be paid on Jan 6, 2023.
For the nine-months period ended Sept 30, 2022, Kerjaya Prospek’s net profit improved to RM86.20mil from RM66.57mil in the previous corresponding period, while revenue rose to RM836.91mil from RM681.21mil a year earlier.
Kerjaya Prospek said the construction segment had achieved a total revenue of RM937.9mil in the current financial period, representing an increase of approximately 25.73% as compared to its corresponding preceding financial period of RM745.98mil.
“The increase in revenue was mainly due to improvement in progress of construction work activities, whereas in the previous year, such construction work activities were halted in June 2021 as a result of the Full Movement Control Order.
“The construction segment is expected to continue to be the main contributor to the group's overall turnover and profitability moving forward,” the company said.
For the final quarter of 2022, Kerjaya Prospek said it will continue to monitor and implement appropriate business strategies in a timely manner to address the risk of post Covid-19 challenges, such as weakening of the ringgit and shortage of skilled manpower, which may have an impact on the operations and financial performance of the group.
“The group continues to be supported by an outstanding orderbook of RM4.2bil for construction contracts as at Sept 30, 2022,” it said.