Kerjaya Prospek net profit rises 18.7% to RM114.90mil in FY22

KUALA LUMPUR: Kerjaya Prospek Group Bhd’s (KPGB) net profit rose 18.7 per cent to RM114.90 million for its financial year ended Dec 31, 2022 (FY2022) from RM96.96 million in the preceding year.

Its revenue climbed to RM1.12 billion from RM977.01 million previously, mainly attributed to the improvement in the progress of construction work activities and increased workforce with the inflow of foreign labour.

KPGB chief executive officer and executive director Tee Eng Tiong said the group achieved a record high revenue for FY2022 despite the headwinds faced by the construction sector, including rising labour costs and raw material costs as well as the volatility of the local currency.

The construction outfit has declared a second interim dividend of 2.0 sen per share for FY2022, which will be paid on April 13, 2023, bringing the total dividend declared to date at 6.0 sen per share for last year.

However, for its fourth quarter (4Q FY2021), net profit dropped to RM28.70 million from RM30.39 million previously, while revenue increased to RM288.68 million from RM283.71 million a year ago.

Nevertheless, Tee said the group was able to secure total contract wins of RM1.8 billion last year.

Moving forward, he said the group has managed to secure two contracts from BBCC Development Sdn Bhd and Tanjung Pinang Development Sdn Bhd, which brings the year-to-date contract wins to RM533.4 million.

"With a strong outstanding order book of RM4.7 billion as at Feb 7, 2023, we believe our robust order book will provide earnings visibility over the next two years,” he said during the FY2022 financial results briefing today.

Meanwhile, non-independent non-executive chairman Datuk Tee Eng Ho said the group has received approval for 1,500 foreign workers and 700 of them would start coming in from April onwards.

"The construction segment will still remain as the main revenue contributor for KPGB, while the property segment is expected to contribute more to the bottom line moving forward, in line with the launch of Yakin Land Development in the first half of 2023,” he said. - Bernama