Crest Builder expects to bag ‘sizeable’ contract by September
KUALA LUMPUR: Crest Builder Holdings Bhd expects to secure its first construction contract of the year by September, which is likely to be “sizeable”.
This will be in line with Crest Builder’s target of securing RM500 million of construction order book this year.
Group managing director Eric Yong Shang Ming said the company had tendered for RM1.8 billion worth of construction jobs.
“Currently, we have an outstanding order book of about RM1.1 billion which will last us well into next year.
“To date, we have tendered for about RM1.8 billion worth of projects. We believe there will be more tenders coming up in the next couple of months, so it will hit about RM3 billion.
“A bulk of them (projects tendered) are in the Klang Valley and related to building contracts for new and existing clients,” he said after Crest Builder’s annual general meeting, here, yesterday.
On property, Yong said the company was looking to secure two projects from privatisation and land swap deals.
“These projects generally take longer to come by and we are targeting some there. We hope to get some good news by the end of the year,” he said.
Overall, Yong said Crest Builder expected to perform better in financial year 2017 compared to last year.
This will be largely supported by its construction division, which contributed to 70 per cent of revenue in the first quarter.
“We are looking to complete a couple of projects this year and go full swing with our largest, Quarza Residence KL East. We are also expecting to post very good numbers this year,” said Yong.
Crest Builder’s net profit surged 142.6 per cent to RM6.17 million in the first quarter from RM2.54 million previously, on the back of an 83.6 per cent jump in revenue to RM95.03 million from RM51.77 million. Farah Adilla