SCIB records outstanding top, bottom lines for FY20
KUCHING: Sarawak Consolidated Industries Bhd (SCIB), a complete integrated solution company in civil construction, yesterday announced its financial results for the fourth quarter ended 31 December 2020 (4QFY20), posting a revenue of RM185.60 million, an outstanding increase of 542.55 per cent as compared to RM28.89 million recorded in the preceding year’s corresponding quarter.
Subsequently, both profit before tax (PBT) and profit after tax (PAT) also showed astounding improvements of 3398.02 per cent and 3207.62 per cent at RM33.65 million and RM30.40 million respectively, as compared to RM962,000 and RM919,000 recorded for 4QFY19.
During the quarter under review, the noteworthy increase in revenue was mainly derived from its Construction/ Engineering Procurement Construction and Commissioning (EPCC) segment in the middle-east regions such as Oman and Qatar, which contributed RM167.23 million, recording a remarkable increase as compared to RM8.62 million noted for Q4FY19.
Meanwhile, the Manufacturing segment reported a revenue of RM18.37 million for the quarter under review, a slight decline of 11.06 per cent as compared to RM20.66 million for the preceding year’s corresponding quarter.
The lower revenue in the manufacturing division reported this year was due to the impact of the Covid-19 Movement Control Order which had slowed down economic activities, thus reduced the market demand for manufacturing products.
For the financial year ended 2020 (FY20), the Group registered total revenue of RM516.02 million, a remarkable increase of 499.69 per cent compared to RM86.05 million of the preceding financial year ended 2019 (FY19)
On top of that, both PBT and PAT for FYE20 were recorded at RM59.46 million and RM52.17 million respectively, as compared to RM3.19 million for PBT and RM 3.15 million for PAT documented for FYE19.
Group managing director/chief executive officer, Rosland Othman expressed, “We are delighted that the Group has, once again, shown improvement from the top and bottom line for Q4FY20, which reflects a significant increase in revenue, compared to Q4FY19.
“Moving into a new year, we are determined to keep on strengthening our financial position and ensuring SCIB remain profitable for the foreseeable future.
“Previously we had always focused our business operations in Sarawak, however now we have turned our attention into the continued expansion of our services into Peninsular Malaysia, Indonesia, Qatar and Oman, as well as bidding for bigger EPCC jobs that will further boost our revenue.
“Our current order book is estimated to be at RM2.2 billion as earlier this month we secured local and international projects which will make the company occupied in the coming years. This gives us the needed impetus to reach our goal of growing our order book to RM2.5 billion by this year”. Rosland added.