Strong order book augurs well for Aneka Jaringan

Aneka Jaringan managing director Pang Tse Fui

KUALA LUMPUR: Aneka Jaringan Holdings Bhd, which boasted a strong order book of RM253.39mil as at Nov 30, 2023 is confident in the group's financial performance and is committed to prioritising timely project completion for targeted margins.

In the financial year ended Aug 31, (FY23), the group had secured a total project value of RM346.09mil. This achievement had strengthened the group’s total order book which stood at RM253.59mil as at Nov 30.

“With this level of order book on hand, the management is confident in the group’s financial performance, committing to prioritise on the timely completion of these projects to achieve targeted margins,” the basement and foundation construction specialist said in a filing with Bursa Malaysia.

Despite prevailing market uncertainties reflected in the volatility of material prices, Aneka remains steadfast and vigilant in closely monitoring these fluctuations.

In the first quarter ended Nov 30 (1Q24), Aneka posted a net profit of RM1.27mil, or earnings per share of 0.20 sen compared with a net loss of RM4.4mil, loss per share of 0.74 sen in the same quarter last year.

It's noteworthy that this quarter marks the second consecutive period of profitability for Aneka.

Its revenue for the period climbed to RM58.8mil against RM52.8mil a year prior.

Managing director Pang Tse Fui said its performance in 1Q24 not only demonstrated its ability to adapt and thrive in challenging market conditions but also marked a significant milestone in its recovery plan, with the company being profitable since 4Q23.

“We are particularly encouraged by PT Aneka Jaringan Indonesia’s (PTAJI) growth in Indonesia, which is a testament to our strategic focus on diversification and expanding our geographical footprint.

“The progress made in recent quarters lays a solid foundation for our continued recovery and sustainable growth as we have recorded profit for two consecutive quarters. We are committed to maintaining this positive trajectory and delivering sustained value to our stakeholders in FY2024 and beyond."