WCT cautiously optimistic about 2H22

KUALA LUMPUR: WCT Holdings Bhd is cautiously optimistic about its prospects in the second half of this year after recording better results in the second quarter ended June 30, 2022 (2Q22).

The group said its engineering and construction division would continue to focus on project execution, while pursing new opportunities to replenish its order book.

Meanwhile, WCT said its property development, property investment and management division anticipates the current endemic phase to stimulate demand for its property development offers and launches.

“The easing of restrictions and the reopening of international borders, coupled with renewed consumer confidence and pent-up consumer demand, are anticipated to revitalise the five retail malls under the group’s management, in particular the airport malls, as well as the hotels and business aviation services,” it said in a filing with Bursa Malaysia.

In 2Q22, WCT’S net profit jumped more than threefold to Rm58.48mil from Rm16.12mil a year ago, driven by higher revenue. The group’s earnings per share rose 4.13 sen in 2Q22 from 1.15 sen a year ago.

Revenue rose 28.8% to Rm561.17mil in 2Q22 compared to Rm435.62mil in the corresponding period a year ago.

“The engineering and construction segment continued to be the group’s main contributor, accounting for 81% of its consolidated revenue.

“The property development and property investment and management segments contributed Rm55mil and Rm49mil respectively, representing about 10% and 9%, of the group’s revenue,” it said.

Amid the challenging macro-economic environment, group managing director Datuk Lee Tuck Fook said WCT remained steadfast and recorded improved performance post-pandemic.

“The group has been consistent in leveraging on its strength to deliver its growth strategy across all business divisions,” he said.