Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria
KUALA LUMPUR: Citaglobal Bhd
recorded a net loss of RM47.3mil for the fourth quarter ended Dec 31, 2022 (4Q) due to a “one off” impairment on goodwill.
This impairment took place as a result of Citaglobal’s share value appreciation that arose from the acquisition of Citaglobal Engineering Services Sdn Bhd (CESSB) in November last year.
Its revenue in 4Q rose 27.3% to RM72.5mil this quarter as compared to last year’s corresponding quarter.
For the full year, Citaglobal posted a net loss of RM40.9mil on revenue of RM215.4mil.
Excluding the “one off” goodwill impairment, Citaglobal would have registered a profit before taxation of RM2.0mil and RM8.8mil respectively for 4Q and full year of FY22.
As at Dec 31, Citaglobal has a cash and bank balances of RM81.0mil, down slightly from RM85.4mil as at the end of last year.
Executive chairman and president Tan Sri Mohamad Norza Zakaria said: “The future is looking good for Citaglobal. Based on our existing orderbook, we expect the CESSB Group to deliver on its remaining profit guarantee over the subsequent quarters from now until FY24.”
“While the construction sector has always been our bread and butter business, Citaglobal has made known its intentions of becoming a leading player in technology-driven sectors. Over the last six months, Citaglobal has made significant inroads into the renewable energy sector.
“We look forward to delivering more positive progress updates, value creation and ultimately earnings contribution from our new sectors,” Norza said.
Citaglobal has a firm orderbook of RM733.2mil in hand and is bidding for RM1.67bil worth of jobs.
It is also in a transition phase to focus more on the renewable energy and telecommunication sectors which will contribute positively to the group.
