Taliworks to prioritise infrastructure investment

PETALING JAYA: Taliworks Corp Bhd, which posted a revenue growth of 11% for the financial year ended Dec 31, 2023 (FY23), amid the current global uncertainties, will prioritise investment in infrastructure and utility businesses.

The company’s independent and non-executive chairman Tunku Ali Redhauddin Ibni Tuanku Muhriz in the latest Taliworks Corp’s annual report said: “Our growth strategy prioritises investing and growing robust infrastructure and utility businesses for predictable cash flow generation, a cornerstone for building financial resilience, and driving sustainable value to our shareholders.”

He said navigating a dynamic economic landscape demands adaptation and thoughtful resource allocation.

“We remain dedicated to exploring value accretive opportunities and optimising our portfolio composition to ensure long term financial sustainability,” he added.

Tunku Ali Redhauddin said this strategy is designed to create a foundation for continued growth and generate attractive returns for shareholders, even amidst evolving market conditions.

For FY23, Taliworks Corp saw its revenue rise by 11% to RM374.70mil from RM337.71mil in the similar corresponding period in 2022, while net profit declined to RM41.96mil from RM55.14mil previously.

This reduction primarily stemmed from the toll division receiving lower government compensation compared to the previous year, a legacy of the Covid-19 period, coupled with increased repair and maintenance expenditures.

For FY23, a total dividend of 5.95 sen per share was declared for the year, totalling RM119.9mil, resulting in dividend yield of 7.08%, based on 2023’s last traded price of RM0.84.

Moving forward, he said the company would focus on growth and investments while maintaining current recurring cashflow generating businesses.