KUALA LUMPUR: Construction group Gagasan Nadi Cergas Bhd's net profit more than quadrupled to RM7.5 million in the second quarter (Q2) ended June 30, 2021 from RM1.6 million a year ago.
The company's revenue rose 25.1 per cent to RM50.2 million in Q2 2021 from RM40.1 million a year ago.
"The stronger results were driven by commendable performance in the company's property development segment," it said in a statement today.
Gagasan Nadi's property development segment played a vital role in the better performance, with the segment's revenue growing to RM15.1 million in Q2 2021 from RM1.6 million registered previously.
The company's construction segment saw lower revenue at RM30.6 million in Q2 2021 from RM33.7 million previously, due to halts in construction sites amid the implementation of Full Movement Control Order (FMCO).
Gagasan Nadi said contributions from its utilities, concessions and facility management segments remained largely intact at RM6.2 million pre-tax profit in Q2 from RM5.8 million pre-tax profit last year.
Group managing director Wan Azman Wan Kamal said the company had continued to benefit from its diversified business model.
Wan Azman said the resilient performance from its property segment helped mitigate the weaker construction segment amid the implementation of FMCO and subsequently the National Recovery Plan in June 2021.
"Although our construction segment was affected by the halts, we remain optimistic on the segment's contribution in the coming few quarters, with the resumption of operations for our construction sites since end-August, coupled with our 99 per cent fully-vaccinated workforce.
"We will continue to work hard towards fulfilling our RM1.7 billion worth of outstanding orderbook," he added.