business

Widad's Q2 net profit more than doubles

KUALA LUMPUR: Widad Group Bhd's net profit more than doubled to RM1.79 million in the second quarter (Q2) ended June 30, 2021 from RM0.874 million recorded in the same quarter last year.

Its revenue surged to RM31.09 million from RM12.34 million.

In a filing to Bursa Malaysia today, Widad said the improved financial performance was mainly contributed by the integrated facilities management (IFM) segment and consolidation of newly-acquired concession business.

The company added that the construction segment operated minimally during the quarter due to disruptions following the Movement Control Orders.

For the six-month period, Widad's net profit eased 9.6 per cent to RM2.73 million from RM3.02 million, while revenue increased 30.7 per cent to RM48.31 million from RM36.96 million.

The company said the recent move by the government to ease movement control orders and gradual opening of the economic sectors was expected to support the rebound of economy for the financial year 2021.

"The journey towards recovery however depends on successful rollout of vaccination for all citizens and suppressing the Covid-19 positive cases.

"Based on strong business fundamentals and barring any unforeseen circumstances, the group is cautiously optimistic to continue recording decent financial results for the remaining financial year ending December 2021," it said.

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