Vizione sees record 4Q on construction works
Billy Toh / theedgemarkets.com
July 25, 2018 19:33 pm +08
This article first appeared in The Edge Markets, on July 25, 2018.
KUALA LUMPUR (July 25): Vizione Holdings Bhd posted another quarter of record earnings as net profit soared by 60.4 times to RM11 million in the fourth quarter ended May 31, 2018 (4QFY18) compared to RM183,000 a year ago, mainly due to construction works undertaken during the period by a newly acquired subsidiary.
The group also saw revenue increase by about 6.9 times to RM110.7 million in the quarter from RM16.1 million in 4QFY17.
For the full financial year ended May 31, 2018 (FY18), Vizione saw net profit grow by 43.8 times to RM26.2 million from RM598,000 in the previous year.
The group’s FY18 revenue is 8.4 times higher at RM413.2 million compared to RM49.1 million in FY17.
On the group’s prospect moving forward, the note filed with Bursa Malaysia said the group envisages greater opportunities in the wake of the new government’s objective in building more affordable homes in the short to medium term as outlined in its election manifesto to construct one million affordable houses within two terms of its administration.
“With the group’s recent acquisition of Wira Syukur Sdn Bhd (WSSB) in October 2017, the group is confident that it will be strategically positioned to benefit from the new government’s plans of constructing more affordable residences amongst Malaysians, grossly due to WSSB’s enormous experience in the low cost and affordable housing sector through its employment of cost effective building methodologies,” Vizione said.
It added that the group’s current order book stood at a commendable RM3.41 billion, which will keep Vizione busy until 2022.
The filing also noted that the group will continue to pursue new business streams within the construction and property development sector as part of its vision to focus on its core strength in construction industry and to synergise with the property development projects.
At closing, Vizione’s share price was unchanged at 14.5 sen with about 6.8 million shares traded, giving it a market capitalisation of RM535.9 million.