Gabungan AQRS eyeing RM1.5bil new jobs

PETALING JAYA: Gabungan AQRS Bhd is targeting to secure RM1.5bil worth of new construction jobs by end-June.

In a statement, the construction and engineering services provider said its current outstanding construction order book had reached a record high of RM2.9bil.

“Looking ahead, we are focusing on increasing our construction order book by at least RM1.5bil by the first half of 2018,” group CEO Datuk Azizan Jaafar said.

He added that the group’s ongoing transformation exercise, focusing on reducing borrowing, coupled with its all-time high outstanding construction order book of RM2.9bil and a more efficient team would propel the group to “greater heights”, commencing from the first quarter ending March 31, 2018.

In tandem with higher revenue, Gabungan AQRS’ net profit doubled to RM15.23mil for the fourth quarter ended Dec 31, 2017, from RM7.45mil in the corresponding period of the preceding year.

During the quarter in review, the construction and engineering services provider saw its revenue increasing 74.5% to RM150.21mil from RM86.07mil previously, while its earnings per share (EPS) doubled to 3.72 sen from 1.91 sen.

“The increase in revenue and net profit was mainly due to the higher work progress from the group’s various construction projects,” Gabungan AQRS said in a statement.

On a cumulative basis, the group’s net profit more than doubled to RM48.04mil in the financial year ended Dec 31, 2017, from RM22.63mil in the preceding year, and its EPS rose to 11.74 sen from 5.80 sen previously.

Gabungan AQRS’ revenue increased 42.2% to RM469.44mil in 2017 from RM330.06mil in 2016.

The group attributed the significant growth in both its revenue and net profit to the positive progress of its ongoing construction jobs.