Lim Seong Hai Capital releases first audited financial statement post listing
KUCHING: Lim Seong Hai Capital Bhd (LSH Capital) released its first audited financial statement for the period ended September 30, 2021 (FP21), recording a revenue of RM67.42 million for the financial period which represents an increase of RM19.29 million or 40.09 per cent compared to RM48.12 million for FP20.
The increase in the revenue is mainly contributed by the increase of revenue from rental of machinery and distribution of building materials of RM10.02 million and RM7.95 million respectively for FP21 as compared to FP20.
The profit after tax of the
Group had also increased by 91.79 per cent or equivalent to RM3.80 million to RM7.93 million for FP21 from RM4.13 million in FP20.
The group had earlier announced a final single tier dividend of 0.66 sen per ordinary share amounting to approximately RM2.34 million in respect of the current financial period (at the entitlement date to be determined and announced at a later date) will be proposed for shareholders’ approval at the forthcoming First Annual General Meeting of the Company to be convened on a date to be announced later.
Speaking after the board meeting to approve the audited
financial statement, Tan Sri Datuk Seri Lim Keng Cheng said: “We are optimistic of the long-term prospects of the construction related products and services industry in Malaysia which are expected to progressively recover in 2021 and the following years in light of the economic stimuli and easing measures provided by the Government of Malaysia as well as on-going and upcoming construction projects.
“Our continued success in securing orders from high-profile projects throughout Malaysia in the past is evidence of our ability to remain resilient and adaptive to challenging market conditions.
“Further, our ability to cater for construction projects across a broad spectrum of construction sub-sectors presents us with a large pool of opportunities into the various construction subsectors.” The completion of the acquisition of LSH BEST Builders Sdn Bhd (LSHBB) on October 15, 2021 is also expected to augur well for the group as it is in line with the BEST Framework adopted by the Group with the aims to transform the core foundation of the construction industry.
The acquisition of LSHBB allows the group to streamline and expands its technical expertise and capabilities in the construction industry. The integration of the construction segment onto the existing businesses will allow the group to gain control of the value chain in the construction projects secured by LSHBB for easy coordinating in executing the projects in line with the BEST Framework.
Further, the acquisition will create synergy and competitive advantage to the group and enable the provision of valueadded services to clients under the BEST Framework in the construction industry in the future.
“Barring any unforeseen circumstances and the high vaccination rate achieved in Malaysia, the board is confident that the prospects of the group’s financial performance for the financial year ending 30 September 2022 will remain favourable,” he elaborated.