Focus Malaysia News Excerpt – Part 2

IMPROVING FINANCIALS 

Vizione recorded a strong set of results for the financial year ended May 31, 2018. This was mainly driven by its Wira Syukur (M) Sdn Bhd (WSSB) acquisition in October 2017.

This acquisition has been a game changer for Vizione. WSSB is a well-established contractor that brought with it an order book of about RM3.4 bil worth of local government and developer projects.

The impact of the acquisition began to be seen in Vizione’s third quarter ended Feb 28, 2018 (3QFY18) when the net profit surged 53 times, largely driven by contributions from WSSB.

Its full year FY18 results saw revenue increase 741.5% to RM413.2 mil from just RM49.1 mil in the previous year.

This translated into a significantly larger net profit of RM26.2 mil from RM598,000.

AFFORDABLE HOUSING

Affordable housing has long been the group’s core contributor and will continue to be so.

Ng says it makes sense to remain active in the segment given the government’s focus on affordable housing.

The ruling Pakatan Harapan’s (PH) manifesto has a pledge to build one million affordable homes within two terms of it being in power.

He is confident that Vizione will still be a strong competitor for such projects despite the change in government, and is confident that the group stands a good chance to clinch more such deals. “This government (PH) is more friendly and easier to approach and deal with,” he remarks.

However, Vizione will not focus on only that segment of property development – “We are not doing only Ministry of Housing and Local Government projects.”

Ng points out that the group has participated in the construction of high-rise condominiums with private developers, such as Sunway group, adding that the group is also keen to participate in similar projects in the near future.